That meant only a short window of opportunity in recent weeks for homeowners hoping to refinance. Top mortgage professionals, Cavanaugh said, had already anticipated that, and had kept clients alert and ready for a phone call from their broker or LO when the time was just right to lock in a new rate. “We were able to move quickly and were able to help people,” she said.
US mortgage brokers have room to grow, and the key is community. Hunter Bolling of Grow Mortgage highlights the value of staying united, offering unmatched support to clients in a complex market.
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“For those same customers, if they didn’t act within a day or two of that particular moment [the Fed cut], those rates were gone. Now, will they be back? Yes – I know that they’ll be back. But will they be back in one sweeping reduction? Probably not.”
Is another Fed cut on the way before the end of the year?
The Fed’s oversized cut was its first for nearly four years, and immediately sparked speculation that further reductions were on the way. But last week’s surprisingly strong labor market report, as well as chair Jerome Powell’s rhetoric on the issue, have seen some market watchers row back expectations of another cut next month.
Whatever the case, there’s plenty of reason for optimism as mortgage professionals look ahead, according to Cavanaugh. “My belief is that we’ll see a couple more reductions,” she said. “I don’t know if we’ll see one before the end of the year. I hope we will… but I do believe that 2025 will be a year of successive rate decreases in small increments, which can make a lot of sense for a lot of customers if they’re aligned with their loan officer and are kind of watching to strike when the iron is hottest.
“So I think it’s going to be a great year. I think that we’re coming to the end of this really long cycle and I think now is the time for everybody to double down on efforts and make sure that they’re in preparation mode.”
Source: mpamag.com