As mortgage rates drop, the mantra is ‘no customers left behind’

Like mortgage rates continues to decline, the mantra of Chad Earnest and his colleagues entering 2023 is “no sale left.”

The Montgomery, Texas, area manager was transferred AmeriSave Mortgage Corporation yes Cardinal Financial Company in November, it launched in mid-2022 a platform to help their partners to be successful.

He jointly makes investment decisions and helps partners with their data by finding any missing opportunities in the market. Priority is given to borrowers who may be challenged.

“The home buyers used to be the product of our referral partners, such as real estate agents and home builders,” Earnest said. “We’re looking for candidates who understand the importance of developing leaders and partnering with them.”

According to Earnest, the traditional game is “hard right now, and we have to look under all the rocks for real estate buyers who are active in the market.”

One ball on Earnest’s team efforts: mortgage rates is declining, bringing foreign borrowers back into the market.

Lower mortgage rates

Of the Mortgage Bankers Association (MBA) reported on Tuesday that the average contract interest rate for a 30-year fixed-term mortgage with a loan balance ($726,200 or less) decreased to 6.20% for the week ending January 20, down from 6.23% last week.

Meanwhile, MBA data shows that rates for jumbo loans (more than $726,200) fell from 6.08% to 5.92% in the same period.

I Mortgage News DailyThe average rate for a 30-year fixed mortgage was at 6.21% on Wednesday morning, while the jumbo loan was at 5.72%.

“Mortgage rates fell for a third straight week, which is good news for potential homebuyers looking ahead to the spring housing season,” the report said. said Joel Kan, MBA’s vice president and chief economist, in a statement. its lowest level since September 2022.”

Many mortgage applications

Amid low mortgage rates, home loan applications rose 7% for the week ending January 20 compared to the previous week, according to the MBA.

According to the various products in the market, the requests for refinancing increased 15% from last week but it was behind 77% behind last year. According to Kan, the rates remain more than two percent higher than last year, which provides an incentive to refinance for many borrowers who are locked in low rates. .

Purchase applications up 3% from the previous week, but 39% lower than the same week last year.

“Home sales remain volatile, but if prices continue to fall and house prices become more comfortable, we expect a rebound.” from consumers to the market. Many are waiting for the economic challenges to subside,” Kan said.

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