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Mortgage Market Guide: Mixed Housing News and Hotter Inflation
|In This Issue…|
Last Week in Review: Higher wages and hotter consumer inflation were on the Fed‘s radar, while housing news was mixed.
[su_spacer size=”10″] Forecast for the Week: The shortened holiday week is loaded with key economic reports.
[su_spacer size=”10″] View: Put client feedback to work for you.
|Last Week in Review|
“Why do you build me up Buttercup … just to let me down.” The Foundations. The build-up to December’s Fed meeting is mounting as Federal Open Market Committee members weigh the decision to change the Federal Funds Rate.
Minutes released from the October FOMC meeting stated “most participants” agreed conditions would be right—or already were right—to consider an increase to the benchmark Fed Funds Rate at their meeting December 15 and 16. This rate, which is the rate banks use to lend money to other banks overnight, has been near zero for nearly a decade.
|Forecast for the Week|
The first half of the week is packed with economic data across a wide range of the economy. The markets will be closed on Thursday in celebration of Thanksgiving, but open on Friday for a shortened, low-volume session.
Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve. In contrast, strong economic news normally has the opposite result. The chart below shows Mortgage Backed Securities (MBS), which are the type of Bond on which home loan rates are based.
[su_spacer size=”10″] When you see these Bond prices moving higher, it means home loan rates are improving—and when they are moving lower, home loan rates are getting worse.
[su_spacer size=”10″] To go one step further—a red “candle” means that MBS worsened during the day, while a green “candle” means MBS improved during the day. Depending on how dramatic the changes are on any given day, this can cause rate changes throughout the day, as well as on the rate sheets we start with each morning.
[su_spacer size=”10″] As you can see in the chart below, Mortgage Bonds have managed to rebound in recent weeks. home loan rates remain attractive.
Chart: Fannie Mae 3.5% Mortgage Bond (Friday Nov 20, 2015)
|The Mortgage Market Guide View…|
4 Ways to Get—and Grow From—Client Feedback
[su_spacer size=”10″] These days, getting feedback from your clients is often just an email, web form or social media post away. Before feedback gets buried in your inbox or lost in your feed, grab it and grow from it. Here are four things you can do to get client feedback, deepen your relationships and boost your bottom line:
[su_spacer size=”10″] Seek out feedback everywhere. Your clients use your product or service more than you do. Benefit from their experiences. Start following customer discussion forums in your area of expertise, read support tickets, gather emails and notes from staff, and watch your social media platforms—you may unearth some real treasures.
[su_spacer size=”10″] Motivate with feedback. Share the amazing things clients have said with your team. If you’re in a traditional office, consider creating a display in an easily spotted location, like by the coffee pot, microwave or printer. If your team works in different locations, set up a webpage or a Slack account, where you can post feedback for motivation and idea trading.
[su_spacer size=”10″] Turn feedback into testimonials. One of the most powerful ways to use feedback is to create testimonials. They practically sell your product or service for you and help you build credibility. Make testimonials more powerful by getting permission to use real names and actual numbers to demonstrate your expertise.
[su_spacer size=”10″] Recognize and thank your clients. Clients who give you valuable feedback have gone the extra mile. Send them a heartfelt thank you or recognize them as “Client of the Month” on your Facebook page. When you show your clients that feedback matters to you, expect even more great feedback.
[su_spacer size=”10″] There are many ways to use client feedback to help grow your business. But first, you can’t let it get away. Create a simple system for yourself or your team to capture feedback and share it.
[su_spacer size=”10″] Feel free to pass these helpful tips along to your team, clients and colleagues!
[su_spacer size=”10″] Source: Entrepreneur
Economic Calendar for the Week of November 23 – November 27
Christian Penner Branch Manager | Cell/Text: (561) 373-0987
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The Christian Penner Mortgage Team | Cell/Text: (561) 373-0987