Mortgage Rates Fall to a Two-Month Low

Mortgage rates took a dip recently, falling into a two-month low. According to an article on the Bloomberg website, the average rate for a 30-year fixed mortgage was 4.32 percent this week, which was down from 4.39 percent. Additionally, the average 15-year rate dropped to 3.40 percent from 3.44 percent.

The drop in mortgage rates resulted lower borrowing costs for homebuyers before a Federal Reserve move that further scales back stimulus measures. These measure have helped keep home loans inexpensive.

The outlook is bright due to an improvement in the labor market and a recent drop in the unemployment. The labor market has a direct affect on the housing market, so the future seems promising. Any increase should be modest, though.

Marketing Tips for Mortgage Professionals

Marketing opportunities for mortgage professionals are plentiful, thanks to websites, blogs, and social media strategies. There are numerous ways for you to personally interact with prospective clients, but maybe you only have so much time to devote to marketing. In order to get the best ROI, you need to decide how much time to spend on marketing.

 

Here are some useful marketing tips you can use to introduce your brand and gain clients:

Make use of social media. Social media marketing is one of the most effective ways to build your online presence and engage current and future clients. A business page on Facebook, Twitter, YouTube, and other social media channels is a great way to position you as an expert on the mortgage world. Post links that visitors will find relevant and helpful, and share news on interest rates, housing information, etc.

Introduce your brand through email marketing. This is a wonderful way to get the word out about your company and services to potential clients using minimal contact info. The key is to make your email messages stand out. Grab the potential homebuyer’s attention with a captivating subject line, and customize your message. Don’t forget a call to action!

Create a blog and post regularly. These days, blogs are essential for mortgage professionals and virtually any kind of business. Blogging can drive more traffic to your website, which in turn can generate more leads. Content is king, so be sure to post interesting and pertinent information regarding your mortgage business. Also, make certain you post local market and loan information, and post on a consistent basis.

Get active in your community. Put yourself in front of your clients by getting involved with local organizations and functions. You can establish your credibility as a mortgage professional by becoming the local expert. Get to know the area’s inventory, prices, trends, and other details about the market.

 

 

Existing Home Sales Reached a 7-Year High in 2013

Mortgage professionals may be interested to know that existing home sales reached a seven year high in 2013. Also, the total sales for existing homes were the highest they had been since eight years ago in 2006.

December of 2013 also found that completed transactions that included single-family homes, townhomes, condominiums and co-ops, increased 1.0 percent to a seasonally adjusted annual rate of 4.87 million, according to an article in the National Mortgage Professional online magazine and the National Association of Realtors.

All in all, 2013 saw existing home sales of over five million, a figure that is over 9 percent higher than 2012. This surge in sales was the strongest performance since 2006 when sales reached a high of over six million at the end of the housing boom. Another interesting fact: First-time buyers accounted for 27 percent of purchases in December, down from 30 percent in December of 2012.

These existing home sales should hold, according to Steve Brown, NAR President and co-owner of Irongate, Inc., Realtors in Dayton, Ohio. The sales should hold this year in 2014 with jobs improving, even though the prices of homes are going up along with mortgage rates. The median existing single-family home price was $197,900 in December of 2013, up over 9 percent from last year.