Rocket Fuel Newsletter – 11/11/2024


This week’s edition shares some huge news from Rocket Pro TPO, recaps the rate decision by the Federal Open Market Committee (FOMC) and discusses the current state of the U.S. economy.
 

Fuel up! 🚀  

The Fed Unanimously Cuts Rates

At its latest meeting, the Federal Reserve decided to lower interest rates by 25 basis points. The decision was made unanimously, and it was widely expected by markets. The focus for the Fed continues to shift away from inflation and towards the health of the labor market. The next meeting is in December and what happens between now and then in the labor market will drive their decision.  

Initial Jobless Claims Increase Slightly  

The number of people filing for unemployment benefits rose by 3,000 to 221,000 for the week ending November 2. The number of people continuing to claim unemployment increased to 1,892,000, reaching the highest level since November 2021. Although these numbers have been trending upward, they are coming off historic lows, and the labor market remains robust.

Fuel your pipeline with 24 Takeoff.

Don’t miss out on this opportunity to finish 2024 strong. Offer your clients a 24 bps credit on all eligible purchase and refinance loans, including conventional, VA and FHA products, until November 17.1

Still unsure? Price us out! We’re hearing great feedback from partners, especially on conventional high-balance and both VA and FHA jumbo loans. Register a loan today.

Some restrictions apply. Visit https://www.rocketprotpo.com/promotions/ for full details.

Dial up your VA client strategy.

In this episode, our guest Kerrianne Mackin, a veteran and one of our President’s Club National Account Executives, highlights how partners can leverage the 24 Takeoff promotion to gain a competitive edge. Plus, learn about new training resources geared toward better understanding veteran clients, military history and military communication. Watch the video now.

The Waiting Game 

Exit polls in swing states show that "the economy" was the top concern for voters. With both presidential candidates focusing on tax cuts and plans to combat inflation, it’s no surprise that people are closely watching the state of the U.S. economy.

Just because the election is over and the Fed has cut rates again doesn’t mean the crystal ball has gotten any less cloudy.

While market volatility has eased, we’re still waiting to see if the Fed and the federal government have the right monetary and fiscal policy to achieve the “holy grail” – a soft landing.

As the Fed places more emphasis on the "full employment" side of its dual mandate (the other side being "price stability"), employment reports become increasingly important. This is because approximately two-thirds of the U.S. economy – its GDP and total output – are driven by consumption.

The latest Consumer Confidence report exceeded expectations, showing that Americans are less concerned about the job market and more optimistic now that the Fed has started cutting rates.

Even after factoring in recent price increases and population growth, people are spending more than before – with no signs of slowing down.

With credit card debt and other forms of revolving consumer debt continuing to rise, and delinquencies beginning to increase, we're all waiting to see if people can maintain their spending habits and find ways to boost their wages to keep up.

With credit card rates still much higher than mortgage rates and homeowner’s equity still at all-time highs, there are still opportunities to improve Americans' financial situations at home, even as the purchase market awaits further rate cuts.

Connect with us at these shows.

We had a fantastic time at the California Mortgage Expo, connecting with so many of you and discussing what’s next for the industry. Your insights and energy made it a huge success!

As we close out the year, don’t miss your final chances to connect with us in 2024 – Texas Mortgage Roundup in Houston on November 14 and the OCN Mortgage Holiday Party in Irvine on December 5. Make sure to use code ROCKETFREE and secure your spot at these must-attend events for free. Let’s catch up, celebrate, and talk about how we can work together in the new year.

Here's our full list of events:

Sign up: Learn To Serve Those Who Served Us.

Join us for our next Pro Performance training, “Learn To Serve Those Who Served Us,” on Friday, November 15, at 2:00 p.m. ET. Gain expert insights from a panel of VA mortgage professionals and learn how to effectively support and serve veteran clients. Sign up today.

24 Takeoff: 24 BPS Credit Details

Rocket Pro TPO Pricing Calculator

Sales Training Sign Up: Learn To Serve Those Who Served Us

Upcoming Tradeshow Schedule

Amrock Webinar: Mastering Title Insurance & eClosing

Last week’s times were some of the fastest we’ve seen! Nearly 60% of all solvers finished in less than two minutes, and 25% finished in less than one minute. Our winner had an incredible time of 11 seconds. Great work! 

This week’s puzzle gets 4 Rockets out of 5.

Click here to solve!  

1 Client will receive 24 bps credit on all eligible loans locked through the Rocket Pro TPO portal during the promotional period. Offer valid from November 4, 2024, 10:00 am ET through November 17, 2014, 11:59 pm ET. Offer is not valid on Jumbo, Home Equity, or Bank Statement loans. This offer cannot be retroactively applied to previously closed or locked loans. Rocket Mortgage reserves the right to cancel/modify this offer at any time. Offer is nontransferable. Offer is not valid with any other discounts or promotions including ONE+ and Welcome Home RateBreak. Additional restrictions/conditions may apply. This is not a commitment to lend.