Mortgage interest rates are down this week, and if you’ve done the math, you know the difference can save your buyers a significant amount of money every month.
In fact, as BAM co-founder Byron Lazine pointed out in today’s Hot Sheet, the typical homebuyer right now can save $100 to $250 a month on their mortgage payment. That’s money they can put toward real-life monthly expenses, from groceries to home maintenance to savings for their next family vacation.
So, how do you talk to your buyers about an opportunity that could set them up for a better, more affordable future as homeowners—while the opportunity lasts?
Sure, rates dropped to 6.34% yesterday. And today, they increased to 6.52%. They could drop below 6.3% later this week, or they could jump back up to 7% or higher, as they’ve done multiple times in just the past few years. Hesitation could be the biggest gamble your buyers make this year. Don’t be the reason they miss out.
Whatever your buyers decide, as a knowledge broker, you need to make sure they know what their options are and what they stand to gain or lose with each one.
Read on for some scripts and email subject lines you can use right now to get those conversations started. Then watch the full episode to learn more.
Use these scripts to talk to buyers about today’s rates
Taken out of context, the recent drop in mortgage rates could get buyers thinking, “Oh, it’ll probably drop even further, now. I’ll wait until it gets to 6% or lower.” This is where you can provide data showing the volatility of mortgage rates over the past few years.
We do know, studying the last two years, volatility has gone both ways. We’ve seen 6.9%, like we just had a week and a half ago, [swing] down to 6.3%—but we’ve also seen them the other direction. We’ve seen (rates) go up from 6.75% to 7.5%…haven’t we? So, that volatility conversation is important.
When talking with buyers this week, you can start that conversation with this question:
“If we can go out and find the right house out of the three that we’re looking at for today—save money on this right now—why wouldn’t we go ahead and lock in as opposed to waiting for who knows what in the future?”
Of course, this also presents an opportunity for homeowners looking to reduce their monthly payments by refinancing their current mortgage. If you’re not reaching out to the homeowners in your database with this information, someone else probably is.
Being an agent of change means making yourself the resource for buyers, sellers, and homeowners. If you want clients for life, as Lazine puts it, “serve them for a lifetime. Bring them that information first.”
If you’re making those calls to homeowners who bought their homes in 2022-2023, here’s what you might hear at the other end if you’re providing the information they need to make a decision that could save them hundreds of dollars a month:
“Yeah, I am at 7.9%… Oh, I could get in at 6.25% right now? Interesting! …Oh, and you’re telling me my home went up in value the last 14 months—so that’s going to give me a cushion, here?”
Be the agent who makes a memorable difference in your clients’ homeownership experience. This is one way you can significantly improve their financial situation every month—just by reaching out, sharing this data, and being the guide and resource they need.
Making these calls could also unlock conversations like this:
“Yeah, I’m not going to refi because we’ve actually been thinking—this house isn’t really working out for us. We’ve been thinking about, in the next couple years, possibly selling.”
By sharing the data on lower rates, you’re now in a position to help homebuyers who want to sell and find a new home rather than refinance their current one.
Send this email to send your database
Lazine also shared some sample email subject lines you can use this week. If you’re a BAMx member looking at the data in your copy of the Hot Sheet show notes, one message you can send your buyers would highlight the amount of money they could save every month on their mortgage payment.
Email subject line #1: “How to save $100-250 per month on your mortgage payment”
This could also be a headline for a blog—or the hook for a social media post. From there, you can share the information needed to help buyers assess their situation and the benefits of taking action now rather than in the uncertain future.
Give them a reason to say yes to a conversation with you, which is an opportunity for you to educate them on what’s going on—the headline and the context—and what it means for them.
With the average U.S. mortgage loan amount at $405,000, today’s rates could save new borrowers $150 to $250 a month on their mortgage payment.
That’s information worth sharing—by email as well as phone calls and social media posts.
Additional email subject lines:
- The biggest downward swing of the year in mortgage rates
- I don’t know if you saw this…
With either of those as your subject line, you can then double down on the hook with this follow-up in the body of your email:
“Are you looking to save money on your home purchase? Let’s have a conversation.”
These are the things you need to be sending out at scale right now to stay in front. If you don’t do it, somebody else obviously will.
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