64 min listen
101: What High Mortgage Rates Did to The Housing Market w/Rocket Mortgage President, Tim Birkmeier
FromOn The Market
101: What High Mortgage Rates Did to The Housing Market w/Rocket Mortgage President, Tim Birkmeier
FromOn The Market
ratings:
Length:
35 minutes
Released:
May 5, 2023
Format:
Podcast episode
Description
High mortgage rates chewed up and spit out homebuyers, loan officers, and the mortgage industry. With a bump of a few percentage points, buyers exited the market quickly, and the number of mortgages got cut in half almost instantly. But what else can you expect from the most significant mortgage rate movement in forty years? Now, nearly a year after mortgage rates took their initial hike, there may be some hope on the horizon that we’re returning to better days for both buyers and sellers.
But who better to ask about mortgages than the President of Rocket Mortgage, Tim Birkmeier? Tim has been in the mortgage industry for over two decades, working his way up from loan officer to president, helping turn Rocket Mortgage from a regional company into America’s largest mortgage lender. He knows loans inside and out and has some predictions on how loans could change over the next few years.
Tim touches on why FHA loans are seeing a comeback (especially as their fees get cut), why HELOCs are in an equity-based revival, and how to “lock in” your mortgage rate so you don’t get stuck buying when basis points jump up. So if you’re itching to get back in the real estate game but don’t know how long high mortgage rates will last, stick around! Tim has answers only an industry-leading expert would know.
In This Episode We Cover
Mortgage rate hikes and what 6% interest rates did to the housing market
FHA’s comeback and why your mortgage insurance cost is about to go down
Upgrading vs. moving and why homeowners and taking more equity out than ever before
Rate buydowns and Rocket’s “Inflation Buster” program to keep your payment low
New digital mortgage transactions and the future of getting approved
Buyer demand and whether or not the seller stalemate will soon be over
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Lender Finder
BiggerPockets Forums
BiggerPockets Agent
BiggerPockets Bootcamps
Join BiggerPockets for FREE
On The Market
Join the Future of Real Estate Investing with Fundrise
Connect with Other Investors in the “On The Market” Forums
Subscribe to The “On The Market” YouTube Channel
Dave’s BiggerPockets Profile
Dave’s Instagram
2023 Mortgage Rate Outlook
Connect with Tim:
Tim's LinkedIn
Check the full show notes here: https://www.biggerpockets.com/blog/on-the-market-101
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com.
But who better to ask about mortgages than the President of Rocket Mortgage, Tim Birkmeier? Tim has been in the mortgage industry for over two decades, working his way up from loan officer to president, helping turn Rocket Mortgage from a regional company into America’s largest mortgage lender. He knows loans inside and out and has some predictions on how loans could change over the next few years.
Tim touches on why FHA loans are seeing a comeback (especially as their fees get cut), why HELOCs are in an equity-based revival, and how to “lock in” your mortgage rate so you don’t get stuck buying when basis points jump up. So if you’re itching to get back in the real estate game but don’t know how long high mortgage rates will last, stick around! Tim has answers only an industry-leading expert would know.
In This Episode We Cover
Mortgage rate hikes and what 6% interest rates did to the housing market
FHA’s comeback and why your mortgage insurance cost is about to go down
Upgrading vs. moving and why homeowners and taking more equity out than ever before
Rate buydowns and Rocket’s “Inflation Buster” program to keep your payment low
New digital mortgage transactions and the future of getting approved
Buyer demand and whether or not the seller stalemate will soon be over
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Lender Finder
BiggerPockets Forums
BiggerPockets Agent
BiggerPockets Bootcamps
Join BiggerPockets for FREE
On The Market
Join the Future of Real Estate Investing with Fundrise
Connect with Other Investors in the “On The Market” Forums
Subscribe to The “On The Market” YouTube Channel
Dave’s BiggerPockets Profile
Dave’s Instagram
2023 Mortgage Rate Outlook
Connect with Tim:
Tim's LinkedIn
Check the full show notes here: https://www.biggerpockets.com/blog/on-the-market-101
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com.
Released:
May 5, 2023
Format:
Podcast episode
Titles in the series (100)
10: How to Prepare for a Recession (and Profit!) in 2022: One man knows how to prepare for a recession arguably better than anyone else. He’s been able to build wealth during multiple different economic cycles, not only surviving but thriving in the process. With decades of experience in real estate investing, advising, and mentoring, J Scott, author of Recession-Proof Real Estate Investing, stands as a testament that not everyone gets washed away when an economic tsunami comes crashing down.We spend some time asking J about how we got to the current economic stage we’re in, what the economy looks like today, and how we can prepare ourselves for the future of high interest rates, falling asset prices, and real estate steals of the century. If you’re feeling anxious about investing in 2022, J Scott is the guest you should listen to. For our due diligence portion of the show, we’ll be asking James Dainard, Jamil Damji, and Kathy Fettke all about recession prep and rebalancing your real e by On The Market