{"id":10694,"date":"2022-05-18T13:33:16","date_gmt":"2022-05-18T17:33:16","guid":{"rendered":"https:\/\/bntouch.com\/?p=10694"},"modified":"2022-05-18T14:29:05","modified_gmt":"2022-05-18T18:29:05","slug":"mortgage-industry-trends-2022","status":"publish","type":"post","link":"https:\/\/bntouch.com\/mortgage-blog\/mortgage-industry-trends-2022\/","title":{"rendered":"5 Mortgage Industry Trends to Drive Business in 2022"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Housing prices have risen considerably in the last year, with no clear end in sight. As a mortgage loan officer, it&#8217;s important to understand how economic, social, and industry trends can impact your business. Here are 5 mortgage industry trends to watch in 2022:<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/bntouch.com\/wp-content\/uploads\/2022\/04\/AdobeStock_374970695-300x200.jpeg\" alt=\"\" width=\"700\" height=\"467\" class=\"alignnone wp-image-10691\" srcset=\"https:\/\/bntouch.com\/wp-content\/uploads\/2022\/04\/AdobeStock_374970695-300x200.jpeg 300w, https:\/\/bntouch.com\/wp-content\/uploads\/2022\/04\/AdobeStock_374970695-768x512.jpeg 768w, https:\/\/bntouch.com\/wp-content\/uploads\/2022\/04\/AdobeStock_374970695-1024x683.jpeg 1024w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n<h2><b>1. Rising Mortgage Rates<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">According to CNBC, the average mortgage rate has now passed 5%. This means that the average homeowner will pay roughly 38% more for a home this year compared to a year ago.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A survey performed by Fannie Mae revealed that roughly 7 out of 10 Americans (69%) expect mortgage rates to continue rising. This pessimism might make your customers reluctant to jump into a mortgage in the coming year.<\/span><\/p>\n<h2><b>2. Low Home Availability<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The real estate website Zillow reports that the number of available houses dropped in the last year. Zillow listed 729,000 homes in February of this year, a 25% decrease from last year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you&#8217;re a mortgage broker, it&#8217;s important to <a href=\"https:\/\/bntouch.com\/mortgage-blog\/9-ways-get-referrals-mortgage-business\/\">network<\/a> with local real estate agents. Partnering together can help you focus on your clients and connect them to the right homes.<\/span><\/p>\n<h2><b>3. Using Equity for an Upgrade<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Trends indicate that homeowners have the upper hand when it comes to selling their homes. But a &#8220;seller&#8217;s market&#8221; also means that existing homeowners will have difficulty finding a home of their own.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This means that rather than selling their home outright, many homeowners are tapping into their equity to make an upgrade. Mortgage brokers that specialize in cash-out refinancing options might take advantage of this mortgage industry trend in the coming year.<\/span><\/p>\n<h2><b>4. Increased Dependence on Technology<\/b><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/bntouch.com\/wp-content\/uploads\/2022\/04\/AdobeStock_56508307-300x200.jpeg\" alt=\"\" width=\"700\" height=\"467\" class=\"alignnone wp-image-10692\" srcset=\"https:\/\/bntouch.com\/wp-content\/uploads\/2022\/04\/AdobeStock_56508307-300x200.jpeg 300w, https:\/\/bntouch.com\/wp-content\/uploads\/2022\/04\/AdobeStock_56508307-768x512.jpeg 768w, https:\/\/bntouch.com\/wp-content\/uploads\/2022\/04\/AdobeStock_56508307-1024x683.jpeg 1024w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">As new generations enter the housing market, they&#8217;re turning to the internet for guidance on mortgage industry trends. New homeowners rely on digital tools to compare mortgage rates, check their credit scores, and learn more about loan programs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It&#8217;s important for loan officers to leverage their digital platforms to reach their target market. Hosting webinars and posting helpful guides on homeownership can help you reach a new audience.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can stay ahead by implementing a customer relationship management (CRM) tool. This type of digital platform can help you stay organized, develop new marketing strategies, and build a personal connection with your clients.<\/span><\/p>\n<h2><b>5. The Need for a Personal Touch<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Finally, with rising home costs and talk of a &#8220;housing bubble,&#8221; cynicism and anxiety abound. This is particularly true for <a href=\"https:\/\/bntouch.com\/mortgage-blog\/do-borrowing-habits-among-generations-vary-mortgage-industry\/\">millennials<\/a> and <a href=\"https:\/\/bntouch.com\/mortgage-blog\/do-borrowing-habits-among-generations-vary-mortgage-industry\/\">gen z<\/a>, both of whom already face challenges from unemployment and student debt.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now can be a time to distinguish yourself as a loan officer. You can offer clients the confidence they need to navigate these uncertainties. Offer a personal connection through videos, webinars, and more.<\/span><\/p>\n<h2><b>Stay Ahead of the Competition<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The right customer relationship management <a href=\"https:\/\/bntouch.com\/mortgage-blog\/mortgage-crm-software-lenders\/\">(CRM)<\/a> tools can help you organize your efforts and connect with clients keeping up with all mortgage industry trends. The <a href=\"https:\/\/bntouch.com\/\">BNTouch Mortgage CRM<\/a> system can help you build your brand and market your services using the latest digital tools.<\/span><\/p>\n<h2 style=\"text-align: center;\"><span style=\"font-weight: 400;\">To learn more about these product features, schedule a demo today!<\/span><\/h2>\n<p><a href=\"https:\/\/bntouch.com\/request-demo\/?sourceTerm=Organic-Blog-CTA\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/bntouch.com\/wp-content\/uploads\/2021\/06\/WebsiteCTA4.png\" alt=\"Request a free demo\" width=\"600\" height=\"100\" class=\"aligncenter wp-image-9806 size-full\" srcset=\"https:\/\/bntouch.com\/wp-content\/uploads\/2021\/06\/WebsiteCTA4.png 600w, https:\/\/bntouch.com\/wp-content\/uploads\/2021\/06\/WebsiteCTA4-300x50.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Housing prices have risen considerably in the last year, with no clear end in sight&#8230;.<\/p>\n","protected":false},"author":20,"featured_media":10693,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[],"class_list":["post-10694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"_links":{"self":[{"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/posts\/10694","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/comments?post=10694"}],"version-history":[{"count":0,"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/posts\/10694\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/media\/10693"}],"wp:attachment":[{"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/media?parent=10694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/categories?post=10694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/tags?post=10694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}