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Preparation and planning are important ingredients in a successful mortgage practice. Far too many in our industry live their entire careers in a reactive mode, and the stress and pain of always being behind the curve causes far more failure than it should. Right now, we are seeing the results across the country of those companies, branches, managers, team leaders, and originators who have failed to plan, prepare, and schedule themselves for success, and are now seeing that failure hitting their pipelines.

We have all heard the words that those who fail to plan, plan to fail; or those who ignore history are condemned to repeat it, but so many in our industry have ignored these famous quotes and are not prepared to succeed in the wave of activity that is out there or should be out there IF planning and preparation had taken place. I know this because there are people in the mortgage industry who are thriving because they were prepared!

I have stressed the importance of being aware. I point out things that may impact the markets and where the opportunities are being found by real people who are originating loans. The ability to overcome objections and deal with false narratives turns frustrations into opportunities. That said, you need to be prepared and aware of what those objections are, and why they are being presented. Each market can be different, but the reasons for success are in plain sight!

National news has an impact for sure, unemployment data and inflation information can certainly impact rates, and without knowing what is happening and why, you could be unaware or fail to share the big picture. Last week we saw how the price of gold versus the cost of homes and cars challenged the perception that homes are too expensive. We also have been hearing that “nobody” is going to get rid of a 3% mortgage to buy another house. If that is so, why are so many people doing it, not to mention the number of refinances taking place? 

Today we have unemployment numbers and GDP numbers, on Friday we will see PCE data. All of these numbers may impact the market. Also, next week is 4th of July holiday; do you have all your EV’s done for next week’s closings; are your PA clients going shopping? Questions or comments: This email address is being protected from spambots. You need JavaScript enabled to view it.

Posted On Monday, 01 July 2024 00:00 Written by
Posted On Thursday, 27 June 2024 11:47
Posted On Thursday, 27 June 2024 11:23
Posted On Thursday, 27 June 2024 10:41

-- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.86 percent.

“The 30-year fixed-rate mortgage continues to trend down, hitting the lowest level in almost three months,” said Sam Khater, Freddie Mac’s Chief Economist. “By historical standards, the economy is in good shape, and we expect rates to continue to come down over the summer months, bringing additional homebuyers back into the market.”

News Facts

  • The 30-year FRM averaged 6.86 percent as of June 27, 2024, down from last week when it averaged 6.87 percent. A year ago at this time, the 30-year FRM averaged 6.71 percent.
  • The 15-year FRM averaged 6.16 percent, up from last week when it averaged 6.13 percent. A year ago at this time, the 15-year FRM averaged 6.06 percent.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website

Posted On Thursday, 27 June 2024 09:49 Written by
Posted On Thursday, 27 June 2024 15:48 Written by
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