On The Market 101: What High Mortgage Rates Did to The Housing Market w/Rocket Mortgage President, Tim Birkmeier
High mortgage rates chewed up and spit out homebuyers, loan officers, and the mortgage industry. With a bump of a few percentage points, buyers exited the market quickly, and the number of mortgages got cut in half almost instantly. But what else can you expect from the most significant mortgage rate movement in forty years? Now, nearly a year after mortgage rates took their initial hike, there may be some hope on the horizon that we’re returning to better days for both buyers and sellers.
But who better to ask about mortgages than the President of Rocket Mortgage, Tim Birkmeier? Tim has been in the mortgage industry for over two decades, working his way up from loan officer to president, helping turn Rocket Mortgage from a regional company into America’s largest mortgage lender. He knows loans inside and out and has some predictions on how loans could change over the next few years.
Tim touches on why FHA loans are seeing a comeback (especially as their fees get cut), why HELOCs are in an equity-based revival, and how to “lock in” your mortgage rate so you don’t get stuck buying when basis points jump up. So if you’re itching to get back in the real estate game but don’t know how long high mortgage rates will last, stick around! Tim has answers only an industry-leading expert would know.
In This Episode We Cover
Mortgage rate hikes and what 6% interest rates did to the housing market
FHA’s comeback and why your mortgage insurance cost is about to go down
Upgrading vs. moving and why homeowners and taking more equity out than ever before
Rate buydowns and Rocket’s “Inflation Buster” program to keep your payment low
New digital mortgage transactions and the future of getting approved
Buyer demand and whether or not the seller stalemate will soon be over
And So Much More!
Links from the Show
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Connect with Other Investors in the “On The Market” Forums
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Connect with Tim:
Check the full show notes here: https://www.biggerpockets.com/blog/on-the-market-101
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