In early April, 40% of monthly mortgage applications were submitted as rates fluctuated but remained above 6.7%. Experts like Scott Buchta and Mark Worthington emphasize the importance of preparing mortgage applications even when rates are not ideal, enabling clients to lock in favorable rates quickly if they occur. The unpredictability of rates challenges lenders, who strive to guide clients effectively. Additionally, maintaining relationships with recent borrowers for refinancing opportunities is encouraged for continued business success, as highlighted by Kevin Leibowitz, president of Grayton Mortgage.
The first four days in April saw 40% of the applications that month, according to Scott Buchta of Brean Capital.
Clients should get mortgage applications in even if rates at the time aren't optimal.
The challenge is knowing when to jump on a promising opportunity or wait on the expectation that rates drop even further.
If you want a lender who does upfront coaching and upfront advising with a larger staff behind them, you might have a slightly higher interest rate.
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