Mortgage Market Update | November 25, 2024
🏘️ Housing Sales Show Signs of Life
"The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions. While mortgage rates remain elevated, they are expected to stabilize." - Lawrence Yun, NAR Chief Economist
Existing home sales made their first year-over-year gain since July 2021, climbing 3.4% to 3.96 million units (seasonally adjusted annual rate). All four major U.S. regions saw improvements, with median prices up 4% to $407,200.
Pro Tip: Use GuidelineGPT to quickly validate borrower scenarios against current market conditions. With inventory up 19.1% year-over-year, now's the perfect time to reach out to past clients who've been waiting for more options.
🎯 Rate Watch: Finding Stability After Volatility
After a rollercoaster ride in October, mortgage rates have found their footing. The 30-year fixed rate has settled into a narrow range, currently at 7.03%. The 10-year Treasury yield retreated to 4.267%, suggesting potential relief ahead.
Pro Tip: Leverage Zeitro's Rate Pricing System to stay competitive and alert clients to rate opportunities. Set up automated alerts through your Microsite to notify potential borrowers when rates hit their target range.
💼 Industry Insights: Credit Access Trends
Key findings from the Federal Reserve Bank of New York:
Pro Tip: Use Zeitro's Affordability Calculator to pre-screen borrowers and improve application success rates. Share the calculator widget on your Microsite to help potential clients understand their buying power before applying.
🔮 2025 Market Outlook
Forecasts suggest:
Pro Tip: Use your Zeitro Microsite to position yourself as a market expert. Create educational content about these trends and share your personalized insights through social media to promote trust and increase the confidence of your clients.
💡 LO Growth Corner: Maximizing Opportunity in a Challenging Market
With higher rejection rates and evolving market conditions, successful LOs are:
Action Items:
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🚀🤖 AI Breakthrough: How Data Scientist Chris Wang is Rewriting Mortgage Tech Rules
In a revolutionary leap for mortgage technology, Zeitro's Chris Wang has developed GuidelineGPT—an AI-powered system that transforms how mortgage professionals access complex industry guidelines. By leveraging Retrieval-Augmented Generation (RAG), Chris has created an intelligent tool that turns dense, overwhelming documents into instant, precise insights.
"I really believe it can make a big difference in improving the mortgage industry," Chris reflects, capturing the transformative potential of his innovation.
Over five intensive months, Chris engineered a system that:
📚 Integrated multiple mortgage guidelines (Fannie Mae, FHA, VA, Freddie Mac)
🔍 Implemented advanced context retrieval with sentence embeddings
⚡ Enabled real-time, contextually accurate information access
🕒 Slashed AI response times from 3 minutes to under 30 seconds
Recommended by LinkedIn
Pro Tip: Incorporate AI-assisted research into your client consultations. By demonstrating rapid, accurate guideline knowledge, you'll build trust, showcase expertise, and differentiate yourself in a competitive market. Clients will appreciate your ability to provide immediate, nuanced answers to their complex mortgage questions.
Looking to be an industry leader? Dive into Chris's full paper and discover how AI is reshaping mortgage technology!
Are Your Rates Competitive?
Mortgage | November 20, 2024
When could mortgage rates hit 5% again? Experts weigh in
Today's steep interest rates have made monthly mortgage payments too expensive for many American homebuyers, forcing them to delay their purchases. While mortgage rates declined in September 2024, providing some temporary relief to homebuyers, a mix of factors drove them back up again shortly thereafter — once again pricing out some buyers who had been waiting on the sidelines for a more friendly rate environment.
Still, with the Federal Reserve suggesting possible rate cuts next year, buyers want clear guidance for their decisions. That has led many would-be homebuyers to wonder whether mortgage rates will drop to 5% sometime soon. The answer to that question isn't so cut and dry, though. While some financial experts predict that type of rate decline could happen soon, others see a longer path ahead...
Mortgage | November 21, 2024
Notable mortgage industry additions and promotions, Nov. 18-22
Rate has named Jesse Q. Allen as president of its reverse mortgage business and Greg Pahel as executive vice president, consumer direct reverse lending.
NewFed Mortgage has announced the appointment of Rick Scherer as chief strategy officer. With over two decades of experience in the mortgage industry, Scherer served on the board of directors at Leader One Financial before joining NewFed.
Kind Lending has welcomed Jenn Stears as the branch manager of its latest branch located in Daytona Beach, Florida. With 24 years of experience in mortgage lending, she will play a key role in assisting clients in Volusia County and neighboring areas, as well as continuing to serve clients in Connecticut, Arizona and California...
Marketing | September 9, 2024
Social Savvy
In this episode of Maximum Conversations, LaDonna Lockard , CEO of Maximum Acceleration , sits down with Brandon Treadway , Director of Growth at SocialCoach . With a unique journey that spans mortgage education and marketing, Brandon shares invaluable insights on leveraging social media to its fullest potential. From the surprising power of TikTok to the undeniable impact of short-form video, Brandon uncovers strategies that mortgage and real estate professionals can use to boost their reach and engagement...
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CEO at ELEVATION | Podcast Host of Raising The Flipping Bar
4wThis is an exciting update on the housing market and mortgage tech!