Tune in today as Adrian, Rob, and Lance talk about news of a recent interest rate drop in an article from CNBC “Mortgage demand jumps nearly 28% in one week, as interest rates drop to lowest point in months” Published Wed, Jan 18 2023 7:00am. We’ll share our thoughts on this article and then take a deep dive on the best strategies for buying and refinancing in this changing market. Links & Resources Mentioned: Referenced Article: https://bit.ly/interest-rates-drop ROI Disclosures: https://tinyurl.com/msywepvw Adrian Schermer @ Directors Mortgage: https://www.directorsmortgage.com/loan-officer/adrian-schermer Rob Delavan @ Delavan Realty: https://delavan-realty.com Lance Johnson @ ROI Financial: https://roi-fa.com Events: https://roi-fa.com/events Transcript: Adrian Schermer: Hello future millionaires and welcome back to the get rich slow podcast. We're your hosts, Adrian Shermer, Rob Delavan and Lance Johnson. Robert Delavan: Good morning, fellas. Lance Johnson: Good morning everybody. Robert Delavan: Nice to see you, bright and early. Adrian Schermer: Good morning guys. Adrian Schermer: Today we are going to be digging into a fresh topic. You can reach us online at Apple podcasts, Spotify, Audible, Amazon, and along with a number of other streaming platforms. We're also on YouTube if you'd like to see our smiling faces. If you'd like to get links to all of this, including our own personal sites, you can go to getrichslowpodcast.com for more information. And today's episode is about mortgage demand. We've seen a jump in mortgage demand as interest rates are dropping. This is going to reference a CNBC article. The link is in the show notes, as well as a quick short link that you can get to through Bitly. And it's pretty interesting. Robert Delavan: Yeah, and this is the end of January, right? So 2023. It's, it applies to right now but what's really interesting is when it's really the concepts that matter here, because rates are gonna go up and down. Adrian Schermer: Yeah, this is real fresh bleeding edge data. I'm usually more interested in seeing how the ninth month, I'm sorry, 90 day rolling averages end up looking. But it's an indicator as we enter a new season, you know, as we break past the holiday, this is as much data as we have so far and we're seeing some indicators. So what are those indicators? Well, there's an increase in mortgage demand by 28% in just one week. As interest rates drop, it's the lowest point it's been in months. Applications to purchase a home increased by 25% week to week, and while that can be a bit anecdotal, again, we want to look at larger totals when we talk about data like this, or I like to. It's still an indicator of where things are trending at least. We'll see how it shapes out. But let's take an aside real quick. Rob, you had a success story to share with us? Robert Delavan: Oh yeah, so my mom actually took a fall three, four weeks ago, Lance, Adrian, you both were very aware of it. Thank you guys for the well wishes there. And just, and initially we thought she really hurt her knee. It really ended up just being kind of a bruise. She's in her seventies, you know, and had some health issues, and this morning was the first time in about three and a half weeks that she came over and... helped me get the kids ready and I took off and had business meetings and all that sort of thing. And she's driving and she's mobile. And she said she she walked around Fred Myers yesterday. And she wasn't sore today. So just a big personal milestone, you know, you guys both know her well and... Adrian Schermer: Such a sweet lady. Robert Delavan: you know, just wishing good things for Marsha and so forth. So Adrian Schermer: Yes. Robert Delavan: that's all, big success story, and my kids were very happy to see her this morning. Adrian Schermer: Oh, I bet. Lance Johnson: Well, mobility is half the battle in retirement, right? So you start to lose mobility and depression sets in and people get heavier and all sorts of medical stuff. So mobility is one of the biggest things that we see with clients. So, Adrian Schermer: Yeah, even if it's a shuffle, if you can keep your legs under you, keep em moving. Robert Delavan: Yep. Hey, just, just yeah exactly. Keep moving. Love it. All right. Keep us, keep us moving fellas. Lance Johnson: So, well, let's start off with the first question to Adrian. With interest rates rates dropping, what does that mean for somebody who recently got a loan? Adrian Schermer: Oh man, you missed out man. Terrible time. You shouldn't have done it. No, I'm just kidding. What it means for someone who's getting a loan is that we're seeing a trend in the direction that you probably were hoping for. We had this great saying that I loved kicking around, marry the home, date the rate. So especially for a lot of buyers, they were looking at their payment as, you know, obviously you gotta qualify for it, you ...
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