Mortgage rates are at their lowest in years, and it's time for brokers to act. United Wholesale Mortgage's Mat Ishbia urges brokers to stop waiting for better rates and start making deals now. He argues that the best time to make deals is right now, as rates are already below 4% for the 10-year and in the 5s for the 30-year fixed. Ishbia warns that waiting for even lower rates could lead to missed opportunities, as the market is currently favorable. He emphasizes the importance of a dominant mindset, encouraging brokers to focus on dominating the market rather than waiting for it to shift. Ishbia also highlights the need for brokers to improve in the refinance market, where they currently lag behind in terms of the percentage of loans originated. He provides a compelling argument for speed, stating that time is crucial in closing deals. By acting quickly, brokers can increase their chances of closing and earning higher compensation. Ishbia shares a slide demonstrating the impact of time on refinance closures and compensation, showing that the likelihood of a refinance being closed drops significantly over 45 days. He concludes by urging brokers to take advantage of the current market conditions and make deals now, as the opportunity is here and now.
