Conventional rates today are still hovering around the 6% mark
Good afternoon! Was this newsletter forwarded to you?Sign up here.
Hello, LOs!
Tell me, is the week over yet? What a wild ride it has been.
LOs described the period leading up to the rate hike – Friday through Wednesday – as a "bloodbath" and a "nightmare," but seem pretty optimistic that the 75 bps increase will stabilize markets for a bit.
Conventional rates today are still hovering around the 6% mark and most of the economists and analysts we've spoken to in the past 24 hours expect them to remain pretty consistent for a few weeks.
Of course, there will be additional Fed rate hikes this year, further reducing borrower purchase power and cooling the already-slowing housing market. There will be more job losses in the industry and I expect lenders to broaden their product offerings.
But let's talk about the here and now. What are you telling your pre-approved but not locked clients? How are your real estate agent clients holding up? Any deals scotched due to the rapid rise in rates?
The Fed's move to increase interest rates by 75 bps will cool down a housing market that was already losing steam. Here's what LOs and economists expect to happen.
Mules are often called stubborn, but this hybrid species is really a workhorse. Lenders who want their hybrid eClose platform to be a workhorse can saddle up with IDS' Solitude Solution. Give your borrowers a smooth ride by going hybrid with IDS! Let's take a ride!
As lenders adapt to a purchase-centered market, HousingWire spoke to Brian Boero, CEO of 1000watt, about opportunities to grow lenders' effectiveness in the real estate agent and broker market.
EmoticonEmoticon