Chief Executive Steve Squeri hailed millennial and Gen Z Platinum members as "very comfortable paying for its exceptional value and highly engaged in the product," underscoring the company's successful push to attract a new generation of premium customers. The company posted net income of $2.9 billion, reflecting a 16% increase over the prior year. Earnings per share rose 19% to $4.14, topping analyst estimates of $3.99.
That often means meeting your audience where they're at. Bringing relevance to the mortgage industry today requires making financial educational content both approachable and entertaining. People want to do business with someone they know and trust. Creating videos on social media is often the best way to do that today. Some of our most digital-savvy clients do that by breaking down common mortgage questions with a local perspective only they can provide.
Mortgage rates have remained elevated since 2023 and home prices are at record highs, locking out many millennials and Gen Z buyers from the housing market. A significant portion of younger homebuyers are betting on future rate drops by taking on adjustable-rate mortgages or planning to refinance, but experts warn this is an unreliable gamble. Although mortgage rates peaked at 8% in late 2023, they remain relatively elevated at about 6.5%.