Last month, the Federal Reserve cut interest rates by 50 basis points, resulting in a surge of mortgage applications that rose by 11% after the announcement. However, just as quickly, the number of eligible refinancing individuals dropped by 20% as rates began to increase again. This shows just how rapidly the market can shift, and it highlights the importance of having adaptable tools and processes to respond strategically to these changes.
Affordability challenges due to rising home prices and high interest rates have caused many potential buyers and current homeowners to hesitate, hoping for more favorable rates. Savvy lenders are not waiting for the market to change; they are proactively nurturing both new business and their existing customer base so they can be the first to capitalize on opportunities when they arise. Balancing retention of customers and new business acquisition is now crucial for success.
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