Mortgage Market Pulse | December 2, 2024
?? Industry Quote of the Week
"Even with modest rate fluctuations, continuous job growth and increasing inventory are bringing more consumers to the market." - Lawrence Yun , NAR Chief Economist
?? Rate Landscape: Stabilization and Cautious Optimism
Interest rates are showing signs of stabilization after October's volatility. The average top-tier conventional 30-year fixed rate has calmed, hovering around 6.91%, with modest improvements on the horizon.
Actionable Insight: Continue to monitor upcoming economic data, especially the December jobs report, which could influence rate movements.
Pro Tip: Use Zeitro's AI-powered Rate Pricing System to help clients lock in rates strategically and explain market dynamics.
?? Application Surge: Purchase Market Shows Signs of Life
The Mortgage Bankers Association (MBA) reported a notable 12.43% increase in purchase applications, reaching the highest levels since February.
Pro Tip: Leverage Zeitro's Affordability Calculator to help potential buyers understand their purchasing power. Integrate Zeitro's free widget on your website to demonstrate how even small rate changes impact monthly payments.
?? Pending Home Sales: Market Momentum Building
The National Association of Realtors reported a 2% increase in pending home sales, marking the third consecutive monthly rise. Lawrence Yun, NAR's chief economist, notes "home-buying momentum is building."
Pro Tip: Utilize Zeitro's AI-powered Application tools to streamline the process and build trust with motivated buyers entering the market.?
??? Inventory Insights: A Gradual Recovery
Altos Research reports active single-family inventory down 1.7% week-over-week, but still 27.1% higher than last year. The inventory gap to more normal levels is closing, presenting unique opportunities for adaptive loan officers.
Pro Tip: Create a personalized website using Zeitro's Microsite tool to showcase your expertise with navigating fluctuating home inventory to ensure your clients get their dream home.
?? Loan Officer Development: Weekly Growth Tip
Focus on becoming a trusted advisor, not just a transaction facilitator. Use data-driven insights and Zeitro's AI-powered tools to provide unparalleled value to your clients.
Skill-Building Challenge: This week, master one new Zeitro tool to enhance your client communication and workflow efficiency.
By staying informed, leveraging technology, and providing exceptional client guidance, you'll transform market challenges into opportunities for growth and success.
Powered by Zeitro - Empowering Mortgage Professionals with Intelligent Solutions
?? Zeitro at OCN Mortgage Holiday Party!
Mark your calendars for the ultimate mortgage industry networking event! On December 5th, 2024, the Originator Connect Network is hosting its annual Mortgage Holiday Party in Irvine, CA—and Zeitro would love to see YOU there!
This isn't just another holiday event; it's your opportunity to:
The Zeitro team will be on-site, ready to demonstrate how our cutting-edge tools can transform your mortgage business. It's the perfect time to grab a drink and discover how Zeitro's AI-Powered technology like GuidelineGPT, Dynamic 1003, Rate Pricing System, Document Processing, and personalized Microsites can take your loan origination to the next level.
Pro Tip: Bring business cards and your enthusiasm! This is the perfect opportunity to expand your professional network and kick off the holiday season in style.?
Quick Registration: Visit the Originator Connect Network website to secure your spot: OCN Mortgage Holiday Party | Dec 05, 2024
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See you in Irvine! ????
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Economy | December 2, 2024
Fed's Waller says he supports rate cut at next meeting - for now
Federal Reserve governor Christopher Waller said Monday that as of today, he supports an interest-rate cut at the central bank's next meeting in a little over two weeks.
"At present, I lean towards supporting a cut in the policy rate at our December meeting," Waller said in a speech at a conference of the American Institute for Economic Research...
Mortgage | December 2, 2024
Will Trump push for plans to privatize Fannie Mae, Freddie Mac?
The prospect of Fannie Mae and Freddie Mac privatization is once again on the table as President-elect Donald Trump prepares to take office.
These two mortgage giants, which back about 70% of U.S. mortgages, have been under government conservatorship since the 2008 financial crisis. Trump’s earlier efforts to privatize the companies stalled during his first term, but supporters believe his new administration may finally achieve this goal...
Real Estate | December 2, 2024
NAR settlement gets final court approval
The US District Court for the Western District of Missouri has approved a settlement proposed by the National Association of Realtors (NAR) to resolve a class-action lawsuit over broker commission practices.
The decision grants relief to over 1.4 million NAR members, associations, and brokerages, marking a pivotal moment for the real estate industry...
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