Matt Joy, Director of Operations
As the summer months start to take shape it appears as if there is a refinance storm brewing. The Wall Street Journal published an article that touted strong phrases like “trade tensions” and “dark economic outlook”. Now, most people would read this article and *gasp* at the fear that our strong economy looks more like that picture of flabby Arnold Schwarzenegger… but not the mortgage industry. Every single one of us is waiting in the wings licking our chops with dreams of 2012 dancing in our heads… and from the looks of it… we might get our refi boom VERY soon.
Circle your calendars for these dates June 18 - 19 & July 30 – 31. These are the dates of the Fed meetings in which economists and traders alike believe there will be rate cuts. Traders are little more sheepish on the June cut, but feel like there is a 75% chance of a cut during the July meetings. If you’ve been paying attention you can already see the storm rolling in. The 10-year is at its lowest mark since September of 2017 (mind you that was a 1-day period… it’s actually at the lowest it’s been since Trump took office). The market opened today with the 10-year hovering around 2.067% and with the weak jobs report I have a feeling we won’t see much of a pickup.
So… what does that mean for you? It means to brush of the rolodex and start firing on all of those 4.5%+ purchases you did in 17 & 18! Do we remember why the BRAWL movement even started? It was because of moments like these in the industry. You need to make sure that your lender(s) are kicking back your leads so that you can take advantage of this opportunity… and I’m not talking about birthday reminders or happy 2nd wedding anniversary emails… I’m talking about the real data that will help you get your borrowers into a lower rate, protect you against early payoff demands and put some cash into your pocket so that you don’t feel like Bob Cratchit this Christmas.
Who knows how long this will last, but if you don’t make hay when the sun is shining… sigh… I don’t know, I think I pumped 1 to many metaphors into this blog already. My point is, we don’t know how long this will last so gear up and take advantage of it now! If you’re not making the calls and putting in the work TRUST me somebody else will… cough, cough… trigger leads are still a very real thing.
Lastly, I’d like to leave you all with this. Thursday was the 75th anniversary of the allied assault on Normandy beach. I brought some of the guys into my office so that we could reflect and shared with them that with one different turn of fate (or whatever you want to call it) we could have very well been one of those brave soldiers at the ripe age of 18 storming those beaches. Say what you want, but that’s a very real thing and I’m grateful for every single person who fought for our freedom that day.
The opinions expressed in this post are the sole view of the writer and do not reflect the opinion of Princeton Mortgage Corporation.
Photo by Amritanshu Sikdar on Unsplash