According to Zillow, more than 60% of homeowners carry a mortgage. A record number of owners are considering refinancing now, which means millions of dollars in fees for local lenders and brokers are up for grabs.
Why the sudden urgency for Southeast Michigan homeowners to refinance their mortgages?
According to The Federal Home Loan Mortgage Corporation (aka, Freddie Mac), "The average 30-year fixed-rate mortgage hit a record 3.29% this week, the lowest level in its nearly 50-year history."
"Meanwhile, mortgage applications increased 10 percent last week from one year ago and show no signs of slowing down. Given these strong indicators in rates and sales, as well as recent increases in new construction, it’s clear the housing market continues to be a positive force for the broader economy."
If a consumer Googles 'refinance my mortgage in Detroit', more than 4.4 million results come back, So, to set themselves apart, lenders and brokers will need to advertise. By any key metric, advertising on local radio is the best way to reach area homeowners.