Click here to view the original article The big increase in mortgage rates has sunk…
In 2023, the mortgage business will be steadier than 2022 when buyers were waiting to see what the Federal Reserve would do regarding interest rates. The real estate market will see growth, prices will stabilize and unlike others, I do not forecast a downturn. Refinancing of homes will come back slightly but not at the levels that we saw during the pandemic.
Alternative and new products will take hold. Products, coupled with reverse mortgages will bridge the gap to the missing refinance business. It is likely that we will see some larger mortgage companies merge or close early next year. These companies are not lean or nimble enough to survive with tighter margins and higher rates.
For RCG Mortgage, our business plan continues to be building relationships with our local real estate partners. We recognize that it is critically important to bring value to the real estate community. Realtors are suffering and we are doubling down on our efforts to support them, work with them and provide them with the tools they need to survive and thrive.
For RCG Mortgage, 2023 will be our most successful year.