Rocket Fuel Newsletter – 06/10/23

close up of male hands with newspaper and coffee

Big news for anyone who has ever wanted their own ghost town! Lobo, Texas, is for sale for the low price of $100,000 – get in your bid by June 24! 

Fuel Up! 🚀

Student Loan Repayment Set To Resume August 29 
As part of the debt ceiling deal signed into law last weekend, borrowers will begin repaying their federal student loans later this summer for the first time since the COVID-19 pandemic initiated the pause in March 2020. 

Though borrowers saved an estimated $15,000 in payments over that time, reintroducing a monthly payment (that averages $350/mo.) will undoubtedly put a strain on many homeowners and prospective buyers – be sure to talk to your impacted clients about ONE+ from Rocket Pro℠ TPO!1

Take The Plunge 
According to The Wall Street Journal, the latest popular home amenity is a cold plunge. Touting benefits both mental and physical, the cold plunge can range from $19k – $29k, but if you’re looking for a more affordable option, the Rocket Fuel team will fill your tub with ice water for half that price. 

A ‘Pause’ Or A ‘Skip’ For June? 
The Federal Reserve meets next week, and experts put the chances of a rate hike at only about 25%. If assumptions are correct, next Wednesday will provide great context into their strategy for the summer and if we should expect a rate increase in the coming months! 

Homes are more expensive than they used to be – we all know that. 

That doesn’t mean it’s a bad time to buy a house, especially as low inventories have supported prices and the recent Case-Shiller Home Price report showed prices climbing yet again. 

It’s just more of a challenge to find the right house at the right price since higher interest rates decrease the purchasing power of home buyers. 

The chart above assumes a 20% down payment, which some borrowers still believe is required to get into a home. 

Now, thanks to ONE+ by Rocket Pro℠ TPO, borrowers only need to put 1% down! 

Also, the mortgage insurance that normally comes with a down payment of less than 20% is covered! 

This enables the client to put less down AND maintain a lower monthly payment. 

Since ONE+ adds 2% to a 1% down payment, these clients will be able to afford an additional $5,000 on the sticker price of a home in the example above – helpful, since homes are still selling above asking price. 

ONE+ is a home run for many reasons, and although the headline is the 1% down payment, the benefits address the top four biggest considerations of home buyers. 

Rocket Pro TPO welcomed over 400 brokers and real estate agents to Detroit this week for All Access! 

Our partners learned what makes Rocket Pro TPO stand out from other wholesale lenders, toured downtown Detroit and took in the latest Pro Talks with special guest Erin Brockovich!

  1. Mortgage Applications Decrease In Latest MBA Weekly Survey
  2. U.S. International Trade In Goods And Services, April 2023
  3. HUD Provides Funding To Public Housing Authorities
  4. U.S. Initial Jobless Claims Jump
  5. National Association Of Realtors And Realtor.com Housing Affordability And Supply Report

Sign up for the next Pro Performance Sales Training: 
How To Open New Markets With ONE+ By Rocket Pro TPO
Key Product Details And Strategies To Expand Your Purchase Market!

You'll learn: 

  • Go-to-market skills and strategies for any affordable market
  • Tips for real estate agent engagement strategies
  • Marketing tools that can help drive awareness and new leads

Partners, sign up now!

Last week’s solvers were lightning fast! None were faster though than Jayanie, whose time of 10 seconds narrowly beat second place’s 12 seconds to lead all solvers. 

This week’s puzzle gets 5 out of 5 Rockets. Click here to solve! 

1Client will be required to pay a 1% down payment, with the ability to pay a maximum of 2.99%, and Rocket Mortgage will cover an additional 2% of the client’s purchase price as a down payment. This offer is only available on conventional purchase loans. Primary residence only. Cost of mortgage insurance premium not passed through to client. Offer valid only for home buyers when qualifying income is less than or equal to 80% area median income based on county where property is located. Must lock rate on or after 5/22/2023. Offer only available on loan amounts of $350,000 or less. Not available with any other discounts or promotions. Offer cannot be retroactively applied to previously closed loans or loans that have a locked rate. This is not a commitment to lend. Rocket Mortgage reserves the right to cancel this offer at any time. Acceptance of this offer constitutes the acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. Additional restrictions/conditions may apply.