Why Mortgage Interest Rates Are Spiking
Last Friday (April 11th), the average rate on the popular 30-year fixed mortgage surged 13 basis points to 7.1%, according to Mortgage News Daily. That's the highest rate since mid-February.
Mortgage rates have been on a roller coaster ride all week, as bond yields spiked higher when new tariffs on dozens of countries went into effect. Yields dropped when many tariffs changed hours later. However, 10-year Treasury bonds began selling off again Friday, despite a cooler-than-expected inflation report. Mortgage rates loosely follow the yield on these bonds.
All of this comes at an unfortunate time...the spring housing market. However, there are ways to assist your buyers with home financing strategies, and I'm always available to discuss them.1
Three Easy Steps to Creating Instagram Stories
Improving your Instagram's performance doesn't have to take up your lunch hour, as sharing posts and reels to Instagram Stories is something you can do in just a couple of minutes.
Reposting feed posts to Instagram Stories helps your loyal followers see content which may not yet have appeared on their feeds. This is because Instagram's algorithm for stories works differently than the feed algorithm.
Here's how to add a post to your story in just a few taps on the Instagram app. Note that this will work for your own content, plus public content from other sources.
- Find the post you want to share and tap the paper airplane icon underneath the post. It's the same icon you use to send posts as DMs.
- Select "Add to story." Instagram will move the Instagram post into a stories draft, where you can resize it and customize it with text, GIFs or a sticker.
- When you're finished, tap the "Your Story" button.
Tips for Agent Recruitment
A recent survey of brokers found that they considered recruiting new agents to be their biggest challenge this year. If you're in charge of bringing in new agents, you may be interested in what broker and coach Jon Cheplak recommends when you're recruiting.
His message: "Stop feature dumping. It's not about your features and benefits—it's all about them."
In other words, it's important to know what the high-performing agents truly value, and to offer it to them. Your office should be a place they'll be happy to call home. This includes finding out their preferred work styles and what technology they're comfortable with.
Cheplak also urged brokers to set recruitment goals before acting, as he'd found that it takes around 14 interactions with agents before they decide to make a career move. He suggested that brokers make several calls a day to prospects.3
Mini-Tips to Max Out Your LinkedIn Presence
Doing some spring cleaning to your LinkedIn profile? Check out the new Create on LinkedIn mini-site and its posting tips, best practices, and more. The site's home page makes it easy for beginners, as you can choose from these four goals:
- Create, which will walk you through the basics.
- Optimize, which explains the site's analytics.
- Grow, which introduces ways for you to increase your audience impact.
- Explore Creator Tools, so you'll know which ones are best for your goals.
Want to go deeper? Save time by following the site's links to relevant LinkedIn Learning courses.4
Renter/Homeowner Gap Widens
Home prices are rising faster than rents in many cities, with the purchase/rental gap widening the most in Salt Lake City and Austin. Renters planning to buy have more possibilities in Cincinnati and Providence.
Two years ago, potential buyers needed a household income of around $101,341 to afford the typical home for sale, which was over 50% more than income required for a rental. The buy/rent gap was even smaller in 2021, where buyers needed just 17.3% more than the $54,520 needed for a typical rental.5
Sources: 1cnbc.com, 2buffer.com, 3nar.realtor, 4socialmediatoday.com, 5redfin.com
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