The news gets better and better for notary public loan signing agents headed in 2024.
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Read this with me, rates are nose-diving.
Not my words, these are the words of Business Insider.
Because that is the only description you can use since interest rates were 8 percent about 65, 70 days ago and now.
They're under 7 percent for the first time in the past 12 months - interest rates are going down, and they're going down fast.
What does that mean for a notary public loan signing agent?
That means you've got to go all in on your business.
That means you've got to get off the fence.
If you’re not a signing agent yet and you've been thinking about becoming one, there's not been a better time to start than right now, but let's spell this out for you.
There are 4.3 million homes that sold in 2023.
And the average interest rate in 2023 for someone who bought a home was 7%.
And if interest rates are now below the average, which means some people bought higher than seven, some people bought lower, but we are now officially below the seven mark, and we're going to continue down to the 6 percent mark.
So that means a refinance boom and couple that with another purchase boom because as home affordability becomes better, then people are going to be funding the home purchase market.
Looking Ahead: Predictions and Opportunities
Will this ever be 2020? Will this ever be COVID years? No, but will we get down to 5%? That's my prediction.
Five and a half. The answer is yes.
Remember there was another 5 million homes that sold in 2022, and the average interest rate then was 6%.
So if interest rates get down to 5%, there's roughly 10 million people who've bought homes in the past two years who will need to refinance to save money.
Economic Factors at Play
Mortgages have averaged 7 percent and we're lower than the average in 2023, right now, as we speak towards the end of 2023, they're going to keep nose-diving.
And the question you should really be asking yourself is why?
The simple answer is the fed's movement of interest rates up has helped lower inflation.
With the higher inflation, interest rates had to go up to combat it.
Their interest rate rising has worked.
So now interest rates are starting to come back down in a quick fashion because they need to come back down to keep the economy humming.
It's just classic supply and demand.
They raised interest rates so we quit spending so much, we could spending so much.
That means very simply that the cost of goods had to come down.
And so now that the cost of goods are down, they're trying to get us to get back into a normalized market, gets interest rates where they should be five or 6%, and you're going to reap the benefit of this.
The Road Ahead: Predicting the Lowest Rates
My best prediction is the lowest interest rates we've seen probably won't happen until Q3.
Before summer of this year is we're going to see the lowest interest rates that we've seen in the past two or three years.
So you're not late to the party. It's just getting started.
It is an amazing time to be a notary public loan signing agent. I know this is your year.
So go all in - now is the time.
You're going to keep hearing me saying this until I can get you to get past your comfort zone and go get that business.
There's not been a better time to be a notary public loan signing agent right now.
Are you telling every single person where you live that you're a notary public loan signing agent?
You have the data and information, you have the scripts, you have the marketing techniques.
Every single home in America cannot close without you.
What are you doing with that information?
2024 is your year.
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