Top of mind for Rocket in that climate: maintaining clear and constant communication with partners, Sogorka said, deepening relationships and making sure the industry is primed for whatever opportunities come their way.
“Let’s stay really close. Let’s stay on top of it,” he said. “Let’s keep working with folks in the community, getting the word out about who you are and what you do and then when deals materialize, [we can] be there ready again with the right technology, the right programs, the right process to get things closed and provide certainty and clarity in the transaction.
“As a community, I think we’re focused on what we can control. That means controlling costs, getting our messaging [optimized], taking big swings and focusing on opportunities when we have them to increase our win rates. And then as the market cooperates, we’ll be there and ready to capitalize.”
Mortgage rates unlikely to see big drop in 2025
The US labor market has shown plenty of resilience throughout 2024 with the economy also defying expectations of a big slowdown – and while the Federal Reserve is expected to reduce its funds rate when it meets this week, there seems little chance at present of a flurry of rate cuts in 2025.
Mortgage rates, meanwhile, are widely predicted to continue hovering above the 6% mark. “Even by the end of next year, it’s hard to see sub-6% mortgage rates,” First American chief economist Mark Fleming indicated in his forecast for the year ahead.
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