If 2020 was a challenging year for all of us, 2021 is certainly starting out with a lot of activity. Purchase activity, refinance activity, COVID activity, vaccination activity, political activity, and quite a bit of activity in the bond market!
The purchase and refinance activity is pretty much following the numbers we saw going into the holidays and a pretty good size surge of new preapprovals entering the market to look into what is usually a very busy listing month for resales!
Unfortunately, spikes in COVID cases are raising concerns as vaccines are being sped to market each day, but not as fast as many would like. We have challenges on the political front that won’t likely go away any time soon, but will definitely impact all of us in some way yet to be determined. Then there is the bond market losing almost 50bps in the past two days as the 10 year climbs over 1%.
All of these are issues for sure. My advice for all of you is that there is no guessing required here! Nobody need to predict or pontificate about what may or may not happen in the days and weeks ahead; at least not in the capacity as a mortgage professional. I don’t care who you are, you don’t have a crystal ball. Nobody can be certain what we will see in the short term or what the consequences of any or all of these will have on the mortgage and real estate markets until we see what actually happens. So NO GUESSING! What is today is today. What is tomorrow is tomorrow. It has been my experience that in peak turmoil, it is better to deal from a factual base, than to try and predict the outcome and impact of that outcome on our industry.
So please, be aware of the facts. Understand the fear. Above all, don’t feed into the panic or create any drama. As a professional, deal from the facts and share the truth!
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