The mortgage market is always changing. And if you have joined the home loan business, you need to be able to keep up with it. If you’re not sure where to start, don’t worry. We’ve got you covered with the following mortgage market guide. 

Mortgage Market Basics

Two variables tend to impact the mortgage market the most: interest rates and home prices. High interest rates can slow things down a lot. And if home prices surge at the same time, you’ll experience a decline in mortgage clients. 

These are the two metrics you need to keep an eye on as a loan officer. If rates drop, you can capitalize by increasing your marketing efforts. But don’t focus on new clients alone. Try to connect with current homeowners who may be eligible to refinance. You need to strike while the iron is hot, especially in the fast-paced mortgage industry. 

Current Trends in the Mortgage Market

Neither of the two variables mentioned above is trending well right now. Q3 mortgage rates for a 30-year fixed loan will likely remain above 7%. And home prices are continuing to increase, too. They aren’t soaring like they were in 2020 and 2021, but they are still rising at a notable pace. Inventory remains low as well. 

The combination of these factors has slowed down the mortgage industry. But the good news is that you can overcome these challenges with the right tools. 

How CRMs Can Help Understand Market Dynamics

Market insights can often feel like numbers on a page. You need to know how to take that data and relate it to your clients. That’s where a customer relationship management (CRM) platform comes in.

Solutions like BNTouch Mortgage CRM provide detailed data about your market and customer trends. Use it to personalize your services and address customer pain points. Positioning yourself as a problem-solver will help you thrive in almost any market. 

Adapting to Market Changes With the Right Tools

A CRM and other analytics tools can help you understand what customers need. In turn, you can offer more creative loan products that ease the burden of high interest rates. Showcasing these types of offerings can help you succeed during tough market conditions.

Still, you don’t want to lock yourself into a course of action. Focus on being flexible. BNTouch and similar solutions make it easy to adapt, no matter what the market throws at you.

Resources for Continuous Learning 

There are plenty of great free and paid resources to expand your knowledge. Sites like Bankrate and National Mortgage News offer free insights. You can also sign up for an NMLS-approved mortgage education course. A few great sites for these classes include The CE Shop and OnCourse Learning.

Leverage the Tips in Our Mortgage Market Guide With BNTouch

The mortgage market guide above may be jam-packed with tips to help you build your business. But you’ll need the right tools to take advantage of these insights. BNTouch can be your business-building ally as you adapt to the mortgage market. Schedule a demo today. 

Contact us to book a free demo today!

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