We send out 3 million marketing emails each year.
Despite that massive volume, we have very high open rates, no spam issues, and very few unsubscribes because we ensure every email is short, interesting, and informative.
We spend a lot of time crafting our emails to ensure they’re both as short and as informative as possible.
There is one particular topic, though, that we can address in about 30 seconds – and it is always extremely effective (it bore massive fruit over the last two weeks alone).
Every real estate agent and loan office is hopefully emailing their databases too, addressing this same topic, as it is, once again, so easy and so effective.
Every time rates drop 1/4% or more, there is a surge in both refinance and purchase mortgage applications.
We saw this last week, as applications surged by 20% in response to falling rates.
What fascinates me is how quickly borrowers respond to lower rates; we’ll see an increase in contracts (not just mortgage applications) almost immediately.
I used to naïvely think that the response was so quick because borrowers had learned to follow rates closely themselves.’
But I now realize that the response is so fast because lenders and agents have learned to keep their clients apprised of significant rate changes in real-time via email and text.
Best Resource for Interest Rate Data and Charts
Our favorite resource for watching rates and finding related content to share with clients is Mortgage News Daily.
The 30-Year Rate Chart copied below is excellent, as it shows the average locked rate and very clear rate trends.
Today’s average rate is 6.79%, up from 6.70% only a few days ago, but down from 7.13% in mid-February.
And when rates fell almost 1/2% from mid-February, we screamed it from the mountain tops to our entire database.
So, it’s no coincidence that we’ve just had two record weeks when it comes to both purchase and refi loan locks.
TLDR: Apprise your database every time rates fall, as it is very easy and effective. Or at least make sure you have a lender that is apprising your database every time rates fall.
And if you do have such a lender, you might thank them for getting your clients off the sidelines every time rates fall… 😊
SIDEBAR: Michelangelo turned 550 today. If he were an American, he would likely still be collecting social security. OK, I am actually sharing this because the man was so interesting and probably the greatest artist to ever live, as he could sculpt (David) and paint (Sistine Chapel) like no other. He never bathed and rarely changed his clothes. He had a smashed nose because a rival was so jealous of his talent that he punched Michelangelo. Most interesting, though, is that he spent 4 years in a reclined position (almost on his back) painting the 5,000-square-foot ceiling of the Sistine Chapel.
