On this week’s episode of Market Shares, I provide a market update based on the latest announcement from the Fed and break down what it all means for you. We've observed some decrease in rates so far, but after reviewing last week’s announcement, I don’t think they are quite done yet. If our housing market has already been impacted by the slight drop in rates, we can only expect the market to become more competitive as we head into spring.

Narrowing down what all this means for the mortgage industry specifically, we are witnessing intense competition among companies and loan officers to gain market share. Not many mortgages are being originated, and loan officers are fighting for those loans. Additionally, both Mortgage Companies and Loan Officers are cutting costs to maintain pricing comparable to banks and credit unions. Since banks and credit unions don't have to deal with the secondary market, they can offer lower rates to consumers, increasing the pressure on loan officers even more. We'll have to get creative in our business, and I conclude with some strategies to remain competitive in this disruptive market.

Main takeaways from the podcast:
• Market update based on Fed announcement
• Decrease in rates observed, but not expected to be finished
• Impact on housing market competitiveness
• Intense competition in mortgage industry
• Fewer mortgages being originated
• Companies and loan officers fighting for market share
• Cost-cutting measures to maintain pricing
• Pressure from banks and credit unions offering lower rates
• Strategies for remaining competitive in the market