Mortgage News March 11, 2022

Market Updates

Room decoration of a laptop, phone, notebook and mug are placed on white bedsheets against orange pillows in a los angeles home

Global Tensions = Roller Coaster Mortgage Rates

The average 30-year, fixed rate mortgage rate dipped to 3.89% in late February following Russia's invasion of Ukraine. During the first week of March, the 30-year rate went through some volatile, two-way swings. The rate dropped to 3.76% early in the week, which was the biggest 48-hour drop in over a decade. A day later, rates climbed to 4.53%, but this Wednesday-Thursday bounce lasted less than 24 hours. By Monday, March 7, rates were back to 3.75%.1

Schedule Your Next Listing Photo Shoot on This Day of the Week

A new survey from HomeJab says Wednesday is the most popular day of the week to take photos of your real estate listings. Tuesday and Thursday are close runners-up, with Saturday and Sunday as the least popular days.

Surprised that more shoots took place during the week than the weekend? One reason is that photographers are typically more in demand for weekend events, leading to higher prices for weekend bookings.

HomeJab's survey also revealed that 53% of photo sessions in 2021 were video and 3D virtual tours, up from 37% in 2019. Meanwhile, the demand for aerial photography declined to just 14% of shoots last year.2

5 Simple Strategies to Transform Your Business

  • Create a plan
    Your business plan sets the tone and direction for your work. Set your goals, then brainstorm the strategies and tactics for reaching those goals.
  • Record your processes
    Keeping your processes in your head could lead to mistakes and forgotten steps. Instead, map them out from start to finish by writing them down and converting them into a checklist.
  • Use templates
    Save yourself time and effort by creating templates for commonly used documents like listing presentations, offer letters, buyer consultation forms, and more.
  • Create accountability
    Once you've created your plan, follow it! Set deadlines for yourself and stick to them. If you struggle to hold yourself to task, ask a trusted advisor or colleague to serve as your accountability partner.
  • Embrace change
    Regularly review your plan and processes to ensure they still work for you and your business. Don't be afraid to adjust as needed and ask your team members to adapt as your firm evolves.3

More Non-Married Americans Partnering to Buy Homes

According to a recent survey, 31% of all Americans say they've purchased a home with someone who is not their spouse. Nearly half bought a house with a romantic partner, while the other 15% co-signed with a roommate, friend, parent, child, or another relative of a similar age.4

Texting with Enthusiasm

Want to seem more sincere in your text messages? Use more exclamation points. Participants in a study compared text messages ending in periods with messages ending in exclamation points -- and said the text messages with periods seemed less friendly. Study participants also responded well to emoticons, even in professional texts.5

Sources: 1mortgagenewsdaily.com, 2magazine.realtor.com, 3rismedia.com, 4magazine.realtor.com, 5 theamericangenius.com