This attitude shift is as much about psychology as it is about rates. For years, consumers have been anchored to historically low benchmarks. But now, Savage says, they’re waking up to a harsh reality: those days aren’t coming back.
That said, not everyone is jumping in. As rates fall, inventory tightens, and this creates a new kind of gridlock. For buyers still clinging to the hope of an even better deal, Savage has one message—stop rate-watching and focus on what you can control.
“A lot of times, originators get caught up on what bonds are doing and what mortgage-backed securities are doing. Yes, it is our job to be knowledgeable about this and be able to educate the consumer… but focus on what you can control,” he said.
His advice is clear: buy the house, not the rate. Because when borrowers wait for perfect conditions, they usually end up with nothing.
“If the client… likes the house and [it is] a comfortable monthly payment, buy the house. If you’re going to sit and you’re going to wait for this interest rate that isn’t going to come, you’re going to stay where you are.”