Mortgage rates are rising again. What’s next for the market?

It’s
also
served
as
a
reality
check
for
those
brokers
and
originators
who
might
have
been
preparing
to
take
their
foot
off
the
gas,
according
to
an
industry
executive
who’s
urging
mortgage
professionals
to
maintain
the
same
grind
and
drive
that’s
gotten
them
through
recent
lean
years.

Corrina
Carter
(pictured
top),
president
and
chief
executive
officer
of

CMS
Mortgage
Solutions,
told
Mortgage
Professional
America
that
it
was
becoming
increasingly
clear
the
“new
normal”
means
mortgage
rates
significantly
above
the
rock-bottom
lows
of
2020,
2021
and
early
2022.

That
means
complacency
simply
isn’t
an
option.
“I
feel
like
probably
by
the
first
quarter
of
next
year,
everybody’s
going
to
realize
we’re
not
going
to
really
see
much
more
of
a
change,”
she
said.
“I
think
that
then
is
when
we
actually
say,
‘OK
–
this
is
our
life.
This
is
who
we
are,
and
this
is
how
we
have
to
get
business.’”

Temporarily
lower
rates
gave
false
sense
of
security

Ultra-low
rates
might
be
positive
for
borrowers
and
a
potential
spike
in
volume,
but
they’re
also
an
anomaly
that
doesn’t
come
around
too
often,
and
that
shouldn’t
be
taken
as
reflective
of
a
normal
market.
“I’m
kind
of
glad
rates
didn’t
stay
low
all
the
way
through
the
first
month
of
[2025]
and
it
was
more
of
a
dip,”
Carter
said,
“because
I
feel
like
it
gave
us
a
sense
of
false
appreciation
for
where
we
are.”

Mortgage
applications
remained
stable
last
week,
with
a
slight
0.1%
decline
as
mortgage
rates
rose
for
the
fourth
time
in
five
weeks,
reaching
6.73%.

https://t.co/9H1XYaZn3n

—
Mortgage
Professional
America
Magazine
(@MPAMagazineUS)

October
31,
2024

The
environment
that’s

prevailed
over
the
past
two
years
–
one
that’s
required
brokers
and
LOs
to
knuckle
down
and
find
new
ways
to
eke
out
business
–
has
been
helpful
in
a
way,
according
to
Carter,
because
it’s
served
as
a
reminder
that
nothing
comes
easy
in
the
mortgage
industry.