Last week’s employment report from Friday came in above expectations leading to another day of rising rates. Mortgage rates are now at 15 month highs. This increase in rates wasn’t much of a shock as the markets were prepared for the move higher.

This week on the economic calendar there are several reports due out, however; economists are more focused on next week’s FOMC Meeting/Announcement for more taper talk. The June 18th meeting is expected to bring some very volatile market moving news. Mortgage rates are predicted to hit their peak next week. Contact your 1st Advantage Mortgage Loan Officer for locking advice.

Some of the reports we will see this week includes jobless claims, retail sales, and consumer sentiment. Consumers were upbeat last month according to the Reuters/University of Michigan consumer sentiment index. Even with rising mortgage interest rates economists expect consumers to remain optimistic. In a recent survey done by Fannie Mae, more and more people believe it is a good time to sell and buy a home. This spark of confidence in the housing sector should help with the low levels of housing supply. More housing data will be released next week.

Linus Schwemer
Senior Loan Officer
NMLS #191784 - 1st Advantage Mortgage NMLS #2551
1st Advantage Mortgage, a Draper and Kramer company
630-376-0477 (Phone)
630-261-2209 (Fax)
630-638-5702 (Cell)

[email protected]

www.linusschwemer.com

6 Tips for When Referral Prospects Don't Respond

Even with the greatest of introductions and strong trust between the referral source and the new referral prospect, sometimes referral prospects don’t respond to our overtures for connection. 

Here are six ideas for you to consider implementing when this situation arises for you (whether you asked for the referral or not): 

1. Let your referral source know you’re not hearing from the prospect. They will often go to bat for you. 

2. Don’t ask for too much from the prospect. Going for an in-person meeting right off the bat is often too much of a commitment for the prospect to make at the outset. Go for an “easy yes.”  Ask to schedule a 5 or 10 minute phone call “to get the conversation started.” 

3. Get your referral source to invite the prospect to your next event – social or educational. 

4. Consider hosting fun and interesting social events just for prospects you’re trying to reach. Sometimes they don’t want their first meeting with you to be about their business. 

5. Send them something either fun or highly interesting/informative.  Sometimes some “bulky mail” will get their attention, prompt a thank you, and get your foot in the door.


6. Use humor.  If you have a sense of the prospect’s personality, humor can work wonders. I’ve sent fun emails to prospects that have prompted immediate replies. For instance, I sent a prospect – who had just returned from a vacation in Costa Rica - an email recently saying something like, “Are you still recovering from a Costa Rican spider bite?”   He replied immediately and apologized for the delay in getting back to me.

I'm curious. What are you doing to get more referrals, introductions, appointments, and turn those prospects into new clients? Send me your best practices so I can share them with others. What are your greatest challenges? Send them to me and I'll do my best to help. My direct email is [email protected]. 

Yesterday the ADP payroll report came in lower than expected, hiring only 135,000 people last month. With this data many economists are now expecting tomorrow’s non-farm payroll report to be on the lower end. This job report is one of the most important of the year because of the tapering hype from the Fed.

According to the Federal Reserve the overall economic activity increased at a modest to moderate pace in April and May. Consumer confidence is at six year high and home sales are rising. The Fed is closely watching the pace of growth of the economy in order to determine when to reduce the amount of bond purchases. Because the Fed announced they plan to begin tapering bond purchases early, the markets have been extremely volatile.

Mortgage rates have been moving higher throughout the month of May and now in June we continue to see rising rates. Mortgage rates are expected to peak in mid-June and will likely start falling by the end of the month.

Linus Schwemer
Senior Loan Officer
NMLS #191784 - 1st Advantage Mortgage NMLS #2551
1st Advantage Mortgage, a Draper and Kramer company

630-376-0477 (Phone)
630-261-2209 (Fax)
630-638-5702 (Cell)
[email protected]
www.linusschwemer.com

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