“Outside of just regular market conditions, we have been working on sharpening the pencil for just that reason,” he said. “We’re hoping we’re on the verge of getting people reengaged and getting some activity going.”
The winter promotion, he noted, is “…really more targeted to purchase and a specific bucket of loans.” He added: “But overall, we have been sharpening over the past two months. You’ll see us making a big splash at the beginning of the year as well. There are market conditions [and] there’s competitive things happening in the marketplace as well. So, you want to stay as competitive as you can.”
It’s going to be “an amazing year”
Mat Ishbia (pictured right), CEO and chairman of United Wholesale Mortgage, also sees better days ahead after the Fed left interest rates alone last month. He detailed his forecast in his monthly “Three Points” presentation released on Monday.
“[Chair of the Board of Governors of the Federal Reserve System] Jerome Powell said the historic tightening of monetary policy is likely over as inflation has fallen faster than expected,” Ishbia said. “So basically, what he said is ‘I think rates could drop and we could see lower rates three and maybe even four times in 2024.’ “
Powell’s comments led to a collective mind-blowing among observers, Ishbia suggested: “This changed the market’s perspective – people thinking: ‘Could he still raise it? Are they going to keep it flat? What’s going on?’”
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