Mortgage applications dipped as long-term rates rose for the third straight week, hitting levels not seen since late 2023.https://t.co/owU9E3yret#mortgageindustry #mortgageapplications #economy #mortgage
— Mortgage Professional America Magazine (@MPAMagazineUS) April 25, 2024
A surprisingly strong economy and persistent inflation have caused many analysts to push back expectations of a cut in June, with some suggesting that the Fed may decide not to lower interest rates at all in 2024.
Against that backdrop, doubling down on customer service should be a top priority for brokers, Gormer said – focusing not just on rate, but also on the specific circumstances of each client and the type of solution that makes the most sense for them.
“It’s about what’s best for the customer,” she said. “This year is going to make a lot of new homeowners… again, think about your ‘why’. Why do you do what you do? What is your focus? As mortgage brokers, we know that we save borrowers on average $9,400 on every loan.
“We know that we have better products, better service, we know that we can close loans quicker, and we have more products. All the data shows we are for the customer – but I think as we do our day-to-day jobs, we need to be focused on service, serving our customer, and serving in excellence.”
Brokers poised to continue growing market share
A recent McKinsey & Company study shone a light on the growing prominence of brokers in the mortgage market, both in the US and elsewhere – and Gormer said the future of the profession is bright, even with the number of originators across the country appearing to have dipped somewhat after the market cooldown.
