Mortgage interest rates are the highest they’ve been in 20 years. And as a result, mortgage applications are down by 38% and refis have dropped a whopping 86%.
So, when will rates start to come back down? What can lenders and real estate agents do to adapt to the current circumstances?
Guest Cohost Tammy Wittren is Branch Manager at NFM Lending. With more than 30 years of real estate and lending experience, Tammy separates herself from the competition by building a team of professionals who share her commitment to serve others.
On this Best of Masters episode, Tammy joins Joe Fustolo and Steve Nassar to explain why mortgage rates have risen beyond 7% and where industry experts say rates will be in 2023.
They discuss some of the top posts from the Masters Facebook group, offering insight around business taxes in Multnomah County, professionalism in showings, and the changes to Oregon real estate forms.
Listen in to understand why the value of a good REALTOR grows in a market decline and learn how to master your craft and make your numbers work in a cooling market.
Key Takeaways
What global factors contributed to mortgage rates rising beyond 7%
Tammy’s insight on what the experts say mortgage rates might be like in 2023
How layoffs in the mortgage industry are likely to trickle down into real estate
Tammy’s argument that buying a home is still a solid investment
Why comps that go back farther than a month are no longer accurate
What’s behind the increase in buyer terminations
The taxes business owners must pay in Portland/Multnomah County
The protocol for professionalism around showing appointments and notifying agents when an offer is rejected
How Oregon real estate forms are changing and why it’s a problem
Tammy’s warning around sending repair addendums to a lender
The benefit of leaving a search on after a client goes with another REALTOR
Why the value of agents diminishes in a booming market (and vice versa)
Connect with Tammy
Connect with Joe
Connect with Steve
Steve’s Team at Premiere Property Group
Resources
Masters in Real Estate Facebook Group
‘30-Year Fixed Rate Mortgage Hits the Highest Level in 20 Years’ on CNBC
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