Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the power of the Inman Community, and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!
In today’s world,real estate offers women a unique path to financial independence, long-term wealth-building and the freedom to shape their own careers. Julie Han, a Compass agent in San Diego, California, has a unique journey, spanning multiple states and industries.
Her experience is a testament to how real estate can not only provide opportunities for personal growth but also pave the way for generational wealth.
A family story of hard work and ambition
Han’s path into real estate wasn’t a straight line but rather a series of calculated risks and opportunities. Born into a family that valued hard work and education, Han’s parents emigrated to the U.S. with little more than determination and ambition.
Her father, a professor at Iowa State University, and her mother, who arrived through a scholarship to an all-girls Catholic college, instilled in her a deep respect for education. Han herself graduated from Johns Hopkins University with a degree in Natural Sciences before moving on to a Master’s degree in Finance and Management from the Johns Hopkins School of Public Health.
Her parents worked tirelessly, eventually investing in real estate and growing a portfolio. This experience laid the foundation for Han’s own journey, showing her the power of investing in property and the potential it offered for building long-term wealth.
The power of real estate for immigrants
For many immigrant families, real estate offers a powerful tool to build generational wealth. In fact, studies show that immigrants are more likely to invest in real estate compared to native-born citizens.
According to the National Association of Realtors (NAR), 61 percent of international buyers who purchased real estate in the U.S. in 2020 resided in the U.S. as immigrants or visa holders, with many of them seeing real estate as a secure way to build wealth for future generations.
Homeownership is particularly significant for immigrant families, as it not only provides stability but also serves as a foundation for future opportunities. A 2023 study from Harvard’s Joint Center for Housing Studies found that homeownership allows families to accumulate wealth, and for many immigrant families, owning property is a key part of securing a better future for their children.
As immigrants work hard to establish themselves in a new country, they often use real estate as a means of financial security, which in turn provides opportunities for their children to pursue better education and career opportunities.
For Han’s family, this meant a steady accumulation of wealth through smart real estate investments, which provided the foundation to a legacy of opportunity for future generations.
From healthcare to real estate: A pivot toward entrepreneurship
While in college, Han’s first career path was as a pre-med student. However, she soon realized that her true passion lay in the business side of healthcare, not the clinical side. After completing her Master’s degree, she worked in various healthcare roles, including research and administration, until an eye-opening experience in the corporate world pushed her toward a significant career pivot.
Han was disillusioned with the healthcare industry, especially after seeing how profit-driven motives often compromised patient care. A chance opportunity working for a building contractor led Han to obtain her real estate license, marking the beginning of a new chapter in her professional life.
Overcoming challenges in a male-dominated industry
Like many women in real estate, Han faced her fair share of challenges. Starting from scratch in three different states — New York, Colorado and California — she had to adapt to unique regulations, forms and MLS systems. But perhaps one of the biggest hurdles was breaking into commercial real estate, a field traditionally dominated by men.
Han’s perseverance paid off, and she successfully transitioned into residential real estate, where she would go on to become one of the most respected names in luxury real estate in San Diego. Her reputation as a skilled negotiator and detail-oriented professional allows her to navigate the high-end markets of Del Mar, La Jolla and Rancho Santa Fe and put her clients first.
Building wealth, 1 property at a time
Real estate ownership and career success have been transformative for Han, both financially and personally. She earns significantly more than the average female in the U.S. and has a comprehensive financial plan, supported by a wealth advisor, to guide her toward long-term goals. Real estate has allowed her to take control of her financial future, and this sense of security has expanded her life goals in ways she never anticipated.
For women, especially young and single women, real estate offers a pathway to financial freedom that might not otherwise be accessible. Han’s advice to women considering real estate as a career path is simple but powerful:
Take calculated risks and follow your passion.
Don’t be afraid to fail: Each failure brings you closer to a win.
Find a great mentor or team to help you develop your career.
Put your head down and do the work: Don’t complain; stay persistent.
Be patient: Success doesn’t happen overnight, especially when starting in a new area.
The power of real estate for women
Han believes that real estate is one of the most empowering professions for women. The industry operates on commission, which means that women have the same earning potential as men, without the traditional ceilings that exist in many other fields. Real estate, with its flexibility and potential for high earnings, provides a unique opportunity for women to build their own businesses and achieve financial independence.
However, Han also recognizes the need for greater financial literacy, especially for women of color, who face additional barriers in the industry. More education on how to save, invest and become financially independent could be transformative for many women, helping them take full advantage of the opportunities that real estate offers.
Looking to the future
As the industry continues to evolve, Han envisions a future where more women, particularly women of color, are equipped with the tools and knowledge to succeed in real estate. With more financial literacy and mentorship, Han believes that the path to wealth-building through real estate will be more accessible to women everywhere.
Han’s journey is proof that real estate is more than just a career; it’s a powerful tool for empowerment, offering women the opportunity to take control of their financial future and build a legacy of wealth. As Han herself puts it, “If we were all perfect, we wouldn’t be human. Go out there and don’t be afraid to fail forward. Every failure gets you closer to a win.”
In a time when women’s financial independence is more important than ever, real estate offers an exciting, dynamic pathway to success. For women like Julie Han, it has been nothing short of life-changing.
Melanie C. Klein, M.A., is an empowerment and mindset coach.
Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the power of the Inman Community, and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!
In today’s world,real estate offers women a unique path to financial independence, long-term wealth-building and the freedom to shape their own careers. Julie Han, a Compass agent in San Diego, California, has a unique journey, spanning multiple states and industries.
Her experience is a testament to how real estate can not only provide opportunities for personal growth but also pave the way for generational wealth.
A family story of hard work and ambition
Han’s path into real estate wasn’t a straight line but rather a series of calculated risks and opportunities. Born into a family that valued hard work and education, Han’s parents emigrated to the U.S. with little more than determination and ambition.
Her father, a professor at Iowa State University, and her mother, who arrived through a scholarship to an all-girls Catholic college, instilled in her a deep respect for education. Han herself graduated from Johns Hopkins University with a degree in Natural Sciences before moving on to a Master’s degree in Finance and Management from the Johns Hopkins School of Public Health.
Her parents worked tirelessly, eventually investing in real estate and growing a portfolio. This experience laid the foundation for Han’s own journey, showing her the power of investing in property and the potential it offered for building long-term wealth.
The power of real estate for immigrants
For many immigrant families, real estate offers a powerful tool to build generational wealth. In fact, studies show that immigrants are more likely to invest in real estate compared to native-born citizens.
According to the National Association of Realtors (NAR), 61 percent of international buyers who purchased real estate in the U.S. in 2020 resided in the U.S. as immigrants or visa holders, with many of them seeing real estate as a secure way to build wealth for future generations.
Homeownership is particularly significant for immigrant families, as it not only provides stability but also serves as a foundation for future opportunities. A 2023 study from Harvard’s Joint Center for Housing Studies found that homeownership allows families to accumulate wealth, and for many immigrant families, owning property is a key part of securing a better future for their children.
As immigrants work hard to establish themselves in a new country, they often use real estate as a means of financial security, which in turn provides opportunities for their children to pursue better education and career opportunities.
For Han’s family, this meant a steady accumulation of wealth through smart real estate investments, which provided the foundation to a legacy of opportunity for future generations.
From healthcare to real estate: A pivot toward entrepreneurship
While in college, Han’s first career path was as a pre-med student. However, she soon realized that her true passion lay in the business side of healthcare, not the clinical side. After completing her Master’s degree, she worked in various healthcare roles, including research and administration, until an eye-opening experience in the corporate world pushed her toward a significant career pivot.
Han was disillusioned with the healthcare industry, especially after seeing how profit-driven motives often compromised patient care. A chance opportunity working for a building contractor led Han to obtain her real estate license, marking the beginning of a new chapter in her professional life.
Overcoming challenges in a male-dominated industry
Like many women in real estate, Han faced her fair share of challenges. Starting from scratch in three different states — New York, Colorado and California — she had to adapt to unique regulations, forms and MLS systems. But perhaps one of the biggest hurdles was breaking into commercial real estate, a field traditionally dominated by men.
Han’s perseverance paid off, and she successfully transitioned into residential real estate, where she would go on to become one of the most respected names in luxury real estate in San Diego. Her reputation as a skilled negotiator and detail-oriented professional allows her to navigate the high-end markets of Del Mar, La Jolla and Rancho Santa Fe and put her clients first.
Building wealth, 1 property at a time
Real estate ownership and career success have been transformative for Han, both financially and personally. She earns significantly more than the average female in the U.S. and has a comprehensive financial plan, supported by a wealth advisor, to guide her toward long-term goals. Real estate has allowed her to take control of her financial future, and this sense of security has expanded her life goals in ways she never anticipated.
For women, especially young and single women, real estate offers a pathway to financial freedom that might not otherwise be accessible. Han’s advice to women considering real estate as a career path is simple but powerful:
Take calculated risks and follow your passion.
Don’t be afraid to fail: Each failure brings you closer to a win.
Find a great mentor or team to help you develop your career.
Put your head down and do the work: Don’t complain; stay persistent.
Be patient: Success doesn’t happen overnight, especially when starting in a new area.
The power of real estate for women
Han believes that real estate is one of the most empowering professions for women. The industry operates on commission, which means that women have the same earning potential as men, without the traditional ceilings that exist in many other fields. Real estate, with its flexibility and potential for high earnings, provides a unique opportunity for women to build their own businesses and achieve financial independence.
However, Han also recognizes the need for greater financial literacy, especially for women of color, who face additional barriers in the industry. More education on how to save, invest and become financially independent could be transformative for many women, helping them take full advantage of the opportunities that real estate offers.
Looking to the future
As the industry continues to evolve, Han envisions a future where more women, particularly women of color, are equipped with the tools and knowledge to succeed in real estate. With more financial literacy and mentorship, Han believes that the path to wealth-building through real estate will be more accessible to women everywhere.
Han’s journey is proof that real estate is more than just a career; it’s a powerful tool for empowerment, offering women the opportunity to take control of their financial future and build a legacy of wealth. As Han herself puts it, “If we were all perfect, we wouldn’t be human. Go out there and don’t be afraid to fail forward. Every failure gets you closer to a win.”
In a time when women’s financial independence is more important than ever, real estate offers an exciting, dynamic pathway to success. For women like Julie Han, it has been nothing short of life-changing.
Melanie C. Klein, M.A., is an empowerment and mindset coach.
Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the power of the Inman Community, and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!
Starting as a listing agent is an exciting step in your real estate career. Unlike a buyer’s agent, who helps clients find homes, a listing agent specializes in marketing and selling properties. This role demands a clear focus on prospecting for listings, market expertise, strong communication abilities, and strategic marketing and negotiation skills.
Success doesn’t happen overnight, but with the right approach, you can quickly establish yourself as a trusted agent. Whether preparing for your first listing appointment or refining your marketing plan, here’s what you need to know to excel:
1. Remember that prospecting for listings is the No. 1 role of a listing partner
Every listing partner loves the idea of listing, staging and selling homes, but quickly forgets the first and most important thing they need to do is find people who want to sell their homes and convince them to choose you as an agent. Prospecting and presenting would be the only two things to focus on when building a strong listing business. It’s a simple formula.
Knowing how to measure a win each day is not based on closings or getting offers. The only way to know if you are winning is if you prospect each day and secure at least one listing appointment.
Think of it this way: If you get one a day, four days a week, that will average two listings secured a week, or roughly 100 new listings a year. You can do the math on what that means. The clear focus on listing appointments, rather than closings, will build the most valuable business possible.
A great listing agent understands how and why homes sell. Real estate markets fluctuate, affecting pricing strategies, buyer demand and inventory levels. It’s your ability to interpret market data and educate sellers that will set you apart.
Stay informed on key trends such as home values, inventory levels and average days on market. Sellers will rely on you to determine their home’s worth. Regularly reviewing MLS reports and tracking neighborhood trends will help you guide clients confidently. When sellers trust your expertise, they’re more likely to follow your pricing and marketing recommendations.
2. Develop your training and communication skills
Real estate veterans know that real estate is ever-evolving, and continuous learning is key. Beyond required education, top listing agents invest in skill-building, whether through professional certifications, mentorship or even role-playing sales conversations.
Understanding contracts and listing agreements is fundamental, but the ability to communicate effectively with sellers is critical. Practicing listing presentations, pricing discussions and objection handling can boost your confidence and credibility.
Top listing agents are the best informed in the transaction and know their numbers. When consulting with a seller on pricing, course corrections or marketing, each of these must be backed up with data.
If you are a listing agent, or any agent who also does listings, and you want to compete, here are a few things you should know:
Average days on the market in different price ranges
Absorption rates
List-to-sell price ratios
Schools in neighborhoods and associated scores
New homes on the market in multiple price ranges
Homes expired or withdrawn in each price range
Important geographic information around neighborhoods, communities, etc.
Predictive analytics in a personal database to know if you have potential buyers for different listings
We are now in a skills- and knowledge-based market. Unlike a few years ago, when demand was high and homes sold quickly, success today depends on an agent’s ability to guide sellers through transactions successfully. Those who fail to refine their skills risk falling behind.
3. Craft a marketing plan that creates demand
Listing a home on the MLS isn’t enough anymore. You need to develop a marketing plan that goes beyond traditional methods to offer innovative systems and strategies. A strong marketing strategy includes professional photography, compelling descriptions and digital promotion. Social media, email campaigns and targeted advertising maximize exposure, ensuring the home reaches serious buyers.
Many top agents follow a structured marketing plan, focusing on the first few weeks to generate offers. This may include open houses, social media ads and AI-driven platforms that match buyers with listings. The key is not just listing a home but actively promoting it. Use AI as a tool to streamline your processes. At Workman, our mantra is that you should have a system for anything you do three or more times.
Equally important is marketing yourself as a listing expert. A strong online presence, neighborhood expertise and consistent branding help attract sellers who trust your ability to deliver results. You must be able to demonstrate the full power of marketing systems to stand out from competitors.
Success as a listing agent depends on trust. Selling a home is a major decision, often accompanied by stress and uncertainty. Your role is to be an advisor and problem-solver.
Setting clear expectations from the start prevents misunderstandings. Many sellers have unrealistic price expectations or misconceptions about the selling process. Honest, transparent conversations help them feel prepared and confident in your strategy.
Be sure to deliver a pre-listing package to set expectations from the start for unique marketing, branding and communication services.
Regular communication is also essential. Even if there’s no major update, a weekly check-in reassures clients that you’re actively working on their behalf.
Make the call, don’t just text, email or message. It’s worth the time and effort to communicate openly and honestly.
Listening is just as important as talking. Each seller has unique motivations — some need a quick sale, while others are emotionally attached to their home. Understanding their priorities allows you to tailor your approach and provide the best service. If you genuinely care about the seller’s needs more than your commission, success will follow.
5. Overcome challenges, and stand out in a competitive market
New agents often struggle with winning listings, handling price objections and proving their value against more experienced agents. The best way to differentiate yourself is through preparation and market knowledge. Ensure you are adding value on top of value with exceptional service options to differentiate yourself in the marketplace.
Even before you win a listing, you’ll need to perfect your lead management skills. Developing trust with your clients starts long before they become your clients.
Begin by using a lead tracking system to categorize and contact all leads, increasing conversion rates. Then classify your leads as either A, B or C based on their readiness to sell, and follow up accordingly. Sticking to a follow-up schedule ensures leads don’t fall through the cracks.
Stay in continual contact with your leads. Conduct prospecting calls during specific weeks to maintain a rhythm of success.
Once you’ve obtained the listing, sellers prefer agents who provide clear, data-backed insights rather than vague assurances. Demonstrating a pricing strategy rooted in real numbers enhances credibility — even if you’re new to the industry. Always strive to provide data-driven solutions.
Handling objections is another key skill. Sellers may want to overprice their home, question your commission or hesitate to sign a contract. Addressing concerns with logical, fact-based responses will boost confidence in your ability to sell their home.
While competition is fierce, every agent starts somewhere. Those who prioritize learning, strategic marketing and strong client relationships will stand out and build a thriving listing business.
Being a listing agent is about more than putting homes on the market — it’s about mastering market trends, refining communication and guiding sellers through one of the biggest transactions of their lives.
Success comes from knowledge, confidence and persistence. The more you invest in expertise and relationships, the faster you’ll establish yourself as a go-to listing agent.
Every top agent started where you are. The difference between those who struggle and those who thrive is the willingness to learn, adapt and take action.
Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the power of the Inman Community, and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!
Currently, there’s an all-out war being waged among Zillow, Homes.com and a new entry into the fray, Rocket Companies, which recently acquired Redfin. At stake is who will capture the consumer first and then convert that client into a customer for life for their company.
Realtors, particularly real estate teams, are uniquely suited to win this war because these large companies cannot afford to pursue local market niches. If you’re ready to beat the big guys to the punch, here’s what to do to begin building customers for life for your business.
Think beyond the sale by building a ‘customer for life’ strategy
A customer-for-life strategy addresses what best supports your clients while they live in the properties you sell them. A closing should never end the relationship but rather the beginning of your journey together as your customer for life.
Unfortunately, most teams and solo agents are inferior at keeping in touch with past clients. Most fail to stay in touch after the transaction closes. Part of the issue is that the industry is hyper-focused on lead generation, often ignoring the relationship-building opportunity that can create customers and referral business for a lifetime.
Roll out a concierge-level onboarding experience
The moment a client signs a contract with you, provide them with a digital “welcome kit” that outlines the key steps in the closing process, the timeline for completion for each contingency, how to reach you and your team, and a list of your most trusted vendors (movers, cleaners, contractors).
You can also include personal touches, such as a coffee gift card or even a Spotify playlist, “Your Home Search Soundtrack,” filled with songs from their favorite artists. This makes your clients feel heard and cared for.
Tag your clients by category and then develop a customer life strategy for each profile
For example, tag clients by stage of life, such as “newlywed,” “young family,” “empty nester,” “investor,” “downsizer,” etc. Also, store insights about them, such as their dog’s name, favorite sports teams, how they take their coffee, etc. These become conversation-starters and connection-builders.
What’s next for them?
The next step is to ask yourself about their future real estate needs.
Is it a move from their condo to a home with a backyard in an area with great schools?
Is there a vacation home or vacation home in their future?
Are they planning to add an ADU to their property for a family member or a source of rental income?
If they’re older and approaching retirement, will they be downsizing or searching for a home that can accommodate two or more generations of family members?
The 12-month post-close plan
If you want your buyer or seller to become your customer for life, the first year after their transaction closes is critical. Create a post-close plan for every client. It should include the following milestones.
Week 1: Conduct an in-person check-in to address any challenges they may be having and deliver a thank-you gift for doing business with you. Also, if you haven’t already done this while they were under contract, give them a list of places to get energy rebates for appliances and other improvements.
Month 1: An in-person, phone or text check-in to see if they have any post-closing issues and send maintenance tips for the next quarter. For example, changing the filters on the HVAC, clearing leaves from the gutters, covering outdoor faucets for winter, etc. Here’s a script for a 30-day post-closing phone call:
Agent:“Now that the boxes are (mostly) unpacked, just checking in. Do you need a recommendation for a landscaper, painter or home security system? Is there anything else I can help you with?”
Quarterly: Launch a “homeowner happiness” email with a mix of home tips, neighborhood events and personalized service offerings. You can also send print or digital coupons for a buy-1-get-1-free deal from your favorite local restaurant.
6 months: Send out a checklist of “The Top Five Spring Maintenance Musts for Your Home” or “Must Do’s to Winterize Your Home,” plus “We have also included our top three vendors for roof inspections and HVAC tune-ups, with special discounts for our valued clients.”
Annual review: Review the comparable sales to see if the property value has increased or decreased. If it has increased and your state assesses property taxes on full value, or your property has gone down, provide them with the names of services you trust that help homeowners reduce their property taxes.
Because most people have their insurance policies renewed on the anniversary of the day they closed their transaction, about a month before their first “Home-iversary,” encourage them to shop for both their existing home and auto insurance policies, since there are often discounts when policies are bundled together.
The best place to do this is with an insurance broker who can shop multiple insurance companies to see which policies will provide the maximum coverage while keeping their premiums as low as possible.
Also, if they had a home warranty at closing, remind them to renew it for the upcoming year so they won’t get caught with a massive bill for unexpected major repairs.
Create a calendar update in your CRM with reminders for these milestones.
Personalize your communications, even when they are automated
Two great tools for sending personalized cards to your clients are SendOutCards.com and Handwrytten.com. SendOutCards has a wide variety of professionally created cards that allow you to add your photos or even create your card. Handwrytten.com puts your words “in pen and ink.” As their logo says, “Handwrytten with Love and Robots.”
Make them smile when they least expect it
The best marketing is a memory. Make them smile when they least expect it, whether it’s a moving day kit with all the things clients often forget to pack separately, such as paper towels, toilet paper, snacks, soft drinks, etc., or a pizza delivered to their door at the end of moving day.
A different idea is to host fun and useful gatherings, such as “Shred-It-Day” for taxes or a “Pumpkin Patch Pickup” for Halloween. Thoughtful gestures under $50 can yield tens of thousands in future referrals.
Be a human 1st and a Realtor 2nd
Life happens, and not everything is celebratory. Be there when it matters. Congratulate them on great moments, including birthdays, anniversaries, first days of school, graduations and promotions. More importantly, be there when you hear about a seriously ill family member, divorce, death or even the loss of a beloved pet.
Show empathy, not just salesmanship. These are the moments that build real relationships. Ultimately, referrals don’t come from clicks or scripts but from genuinely showing that you care.
Although Zillow, Homes.com and Rocket bet on predictive AI, algorithmic targeting and massive ad spends to build customers for life, the one thing these giants cannot do is to be there personally for the important milestones in your clients’ lives.
When your clients feel heard and supported, when you are there for them when it matters most, that’s when the value provided will make them want to be your customers for life.
Bernice Ross, president and CEO of BrokerageUP and RealEstateCoach.com, and the founder of RealEstateWealthForWomen.com is a national speaker, author and trainer with over 1,500 published articles.
The AI-driven solution “automates follow-up messaging, allowing real estate professionals to re-engage previously unresponsive prospects effectively.”
Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the power of the Inman Community, and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!
RE-Engage is the latest product from Realoq, a California-based real estate lead services company and agent marketplace for consumers, according to an April 16 statement sent to Inman.
The product promises to help agents resurface dormant contacts and previous customers. The company said that the AI-driven solution “automates follow-up messaging, allowing real estate professionals to re-engage previously unresponsive prospects effectively.”
Realoq serves markets in California, Texas, North Carolina, Oregon, Florida, Idaho, Washington and Georgia. Agents purchase ZIP Codes to farm and rely on Realoq’s SEO, home search and web marketing services to deliver leads. Realoq is also a licensed brokerage in those states to collect referral fees from the agents who purchase its marketing zones.
RE-Engage delivers bespoke email campaigns to each recipient, meaning it will include content relevant to their location, home preferences and other interests. It runs in the background as agents conduct business with existing clients and transactions, and provides users with “lead readiness alerts” that trigger when an old lead takes new action.
The software is integrated with Realoq’s CRM and allows agents to adjust any of the AI-created content.
Automated lead nurture and re-engagement is now standard industry practice and can now be buoyed by the speed and intelligence of artificial intelligence, which can gather legacy data on database records, collect regional housing data and in essence, quickly create marketing campaigns around a newly refreshed buyer or seller. It’s an important component for any modern agent’s business as it has become more common to jump into different CRM tools and brokerage enterprise systems, which often include database migrations and thus, an erosion in data integrity.
“Most leads don’t go cold, they simply go quiet,” said Anvesh Chakravartula, CEO of Realoq, in the statement. “With RE-Engage, we empower agents to consistently follow up and stay relevant, delivering the right message at precisely the right moment. It’s not just automation — it’s intelligence in action.”
Mortgage rates are climbing back toward 7 percent on fears that tariffs could reignite inflation, but Federal Reserve Chairman Jerome Powell warns policymakers would be challenged if unemployment also rises.
In April, we’ll go deep on money and finance for a special theme month, by talking to leaders about where the mortgage market is heading and how technology and business strategies are evolving to suit the needs of buyers now. Inman’s Best of Finance returns for 2025, celebrating the leaders in this space. And subscribe to Mortgage Brief for weekly updates all year long.
Homebuyer demand for mortgages sagged last week as mortgage rates climbed back toward 7 percent on fears that tariffs will fuel inflation, and Federal Reserve Chairman Jerome Powell warned Wednesday that policymakers are also concerned that more Americans will be unemployed.
Stagflation — high inflation coupled with stagnant economic growth and elevated unemployment — hasn’t been seen since the 1970s. But that’s a situation the Fed is contemplating now, Powell said after delivering an address to The Economic Club of Chicago.
“Most of the time when the economy is weak, inflation is low and unemployment is high — and both of those call for lower interest rates to support activity and vice versa,” Powell said. “Now the labor market is still strong, but the shock that we’re experiencing … [is generating fears of] higher unemployment and higher inflation. And you know, our tool only does one of those two things at the same time. So it’s a difficult place for central banks to be in in terms of what to do.”
Major stock indexes were down Wednesday as investors digested Powell’s remarks, with the tech-heavy Nasdaq index falling 3 percent.
But increased demand for Treasurys and mortgage-backed securities helped bring rates down slightly, with yields on 10-year Treasurys falling four basis points.
Applications for purchase mortgages fell by a seasonally adjusted 5 percent last week when compared to the week before as mortgage rates climbed, Mortgage Bankers Association (MBA) Chief Economist Mike Fratantoni said in a statement.
Mike Fratantoni
“Mortgage rates moved 20 basis points higher last week, abruptly slowing the pace of mortgage application activity,” Fratantoni said, noting requests to refinance were down even more sharply, falling 12 percent from the week before.
Looking back a year, the MBA’s weekly survey of lenders showed demand for purchase mortgages was still up 13 percent, and applications to refinance were up 68 percent.
Mortgage rates on the rebound
After retreating to a 2025 low of 6.48 percent on April 8, rates on 30-year fixed-rate conforming mortgages bounced back to 6.89 percent last week, according to rate lock data tracked by Optimal Blue.
Rates on jumbo mortgages exceeding Fannie Mae and Freddie Mac’s $806,500 conforming loan limit in most markets spiked to 7.34 percent Monday but have dropped back below 7 percent.
“Given the jump in rates, more borrowers are opting for the lower initial rates that come with an ARM [adjustable-rate mortgage],” Fratantoni said.
Close to one out of 10 mortgage applications (9.6 percent) that came in last week were for ARM loans — the highest since November 2023, the MBA said.
Because borrowers who need bigger loans are even more likely to opt for an ARM, close to one-fourth (24.6 percent) of loan requests by dollar volume were for ARM loans.
The average ARM loan request was for $1.06 million, compared to $346,000 for fixed-rate loans.
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