BAM's Key Details
- Mortgage rates fell sharply Thursday afternoon from 7.22% to 6.62%
- Agents need to leverage this good news today to help their buyers lock in a low rate.
Falling Mortgage Rates
In a time when positive news headlines about mortgage rates are few and far between, yesterday’s inflation report was a massive win for mortgage rates.
After a government report showed that inflation cooled in October, mortgage rates fell sharply. According to Mortgage News Daily, the average rate on the 30-year fixed plunged 60 basis points from 7.22% to 6.62%.
Agents Need To Take Action Today
All consumers have seen for the past few months are negative news headlines about rising mortgage rates. However, this steep drop gives agents an opportunity to help clients who have been on the fence about buying a home to lock in this rate.
So, what can you do to help your clients take advantage of this drop?
Hold an Emergency Press Conference
When news like this hits, you want to relay the message to consumers in your market as soon as possible—before it passes by. Tom Toole shows how you can hook your following and bring them the information needed to make moves:
Cancel your weekend plans. Make calls, videos, and DMs to educate your database about what this rate drop could mean for them.
It’s not just an opportunity; it’s an obligation. Nobody knows how long rates will stay this low, so start making calls and get your clients to some open houses this weekend.