Happy Independence Day to all! I pushed this post off a day because off a series of events that might need attention. Waiting one day to get the jobs report this morning I felt was worth the short delay.
Mortgage rates continue to trend lower and consumers desire to buy homes remains strong. Despite many of the main stream media trying to push an agenda of a declining housing market, and virtually all the “experts” predicting mortgage rates well into the 5% range from the beginning of the year, the reality proves what we have been saying here, that people see that owning is better than renting in most markets and the economy is really helping all aspects of consumers.
I have addressed the opportunities of refinancing in the June 2019 Monthly Coaching Call which you can see on the website. The wealth of opportunities far exceeds just lowering someone’s payment. You have to know ALL THE OPTIONS! The peak of benefit for many in your database is in front of you, not behind you! Keep in mind, what if rates continue lower and chase all time low numbers? Get clear on the real value and the “WHY” behind the opportunity!
This weekend will offer huge opportunities in the purchase arena. You need to be out and visible to your Realtor® referral partners. Spend a few hours stopping by some offices this weekend and saying hello. Drop off some notes and make some calls, visit some Open Houses and connect! Those looking and selling right now need to be out and about to make something happen.
A HUGE increase in new jobs; with a prediction of 150,000 new jobs, todays number came in at 224,000 new jobs! While the unemployment rate ticked up a tenth, the growth in the labor participation rate and the continued growth in earnings help prove that more people are participating in the growth in the economy.
So how the markets react today and where rates go will have to be taken with a grain of salt. It’s a Friday and it’s a holiday weekend so volatility is possible. Remain calm, look to Monday and Tuesday markets to provide some insight. I believe we are in another 50bps range that will bounce around until the FED meeting on July 31. Keep focused on all the opportunities at hand and the longer term trend of rates moving lower and people seizing the opportunities to own rather than rent, or to make a move to the home they really want, or to make the cost of where they want to live cheaper!
Questions or comments: Mike@IMTcoaching.com