Mortgage Mayhem

Splits and Caps Daily: Action for Agents

October 9, 2024

📈 Market Move:

Refi Rebound

Mortgage rates hit a low point last month, but don’t get too comfortable—rates are creeping back up. After bottoming out at 6.23%, the 30-year fixed rate is now back at 6.31%. Even the 15-year rates have edged up. But here’s the twist: despite higher rates, refinancing is making a comeback. Homeowners who bought at peak rates (above 7%) are seizing the chance to refi, with rate locks up 49% from August.

Refis now make up a solid 32% of all loans, the highest we’ve seen since early 2022. While home purchases remain a bit slow, this refi wave is an interesting signal that borrowers are looking to capitalize on even modest rate dips. As we head into Q4, watch for the refi market to keep heating up, even if rate cuts don’t materialize as quickly as some hoped. Buyers, on the other hand, might not see much relief this year, so buckle in for a steady ride.

🌟Quote of the Day:

"The future belongs to those who believe in the beauty of their dreams." — Eleanor Roosevelt

⚡ Quick Win:

Client “Memory Jogger”: Reach out to 2-3 clients today with something personal: "Hey, remember when we found that perfect house? How’s it treating you?" Builds rapport, keeps you top of mind, and could spark a referral.

🎉 Fun Fact of the Day: 

Tiny House, Big ROI: The tiniest house in the world is just 1 square meter (yep, you read that right). Built by a German architect, it’s basically a standing coffin with Wi-Fi. But hey, it’s mobile, and who doesn’t want a house you can literally carry?

📚 Book Recommendation:

“Surrounded by Idiots” by Thomas Erikson – Ever wonder why some people just don’t get you? This book breaks down different communication styles and how to work with each type. Perfect for real estate agents dealing with all kinds of personalities.

Want to level up even more? Hit the Agent Bookshelf for top reads, Agent Articles for real estate gold, and Agent Resources for the tools to boost your biz—go get it!

Wrapping up today’s edition! Keep your focus sharp, stay relentless, and remember—the deals you’re after are just around the corner. Let’s go crush it!

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