A friend tells me there are big job cuts at Quicken Mortgage today. WF Morgate was hammered last week, I am sure there are others following this pattern. And remember, we've just started rising the rates, it'll be much worse. So, the markets are reacting, the oil prices are dropping despite the WW3 brewing in Ukraine - the markets are anticipating that things will slow down quick. So, that'd be it.
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LPT: Anyone who is 10+ years from retirement, you need to bump up your 401K and IRA contributions to the max so you can take advantage of the low prices in the market that are expected in the next couple years.
Anyone who is <5 years from retirement and who is still fully invested may want to reconsider their retirement date and/or their anticipated retirement lifestyle.
For those who weren't around during 2008 or 2009... how long do you think these conditions will last? When do you think things will pick up? Months - or years?
Striking how many teammates are apparently at their first rodeo.
The mortgage market has always been a roller coaster. Anyone that works in that industry knows this and, if they are even half way intelligent, are prepared. It will come back eventually. Houses are like funeral homes, there will always be a market. The difference is, people are free to "time" home buying, so if conditions aren't favorable, demand goes down. It's not the elimination of the demand though, just a delay.
Meltdown != cutbacks
The bubble hasn't started to burst yet because supply is still low and new builds are still too high due to inflation and supply chain. The problem is that the volume of deals has gone down drastically but the prices are still elevated. Refinances are practically non existent at these rates
Quicken Mortgage changed name to Rocket Mortgage in 2021.
Real estate bubble burst started
mortgage rates for a 30 year fixed are over 5%, what did people think would happen?