Madison “Madness” Keenan of AnnieMac Mortgage shares her concerns about the current mortgage market with Fobby Naghmi of First Option Mortgage. While the increasing rates don’t scare her, her concerns are more about the consumers and that they are not changing their spending habits.
Madison’s advice to potential homebuyers is:
1) Don’t buy a new car
2) Don’t open new lines of credit
3) Keep your credit card balance to 50% of the maximum limit
This advice spurs a quick debate between the two. Fobby questions if Madison may be asking too much of the consumer.
The Federal Reserve raised the Federal Reserve rate 75bps for the 2nd time this year. First, Fobby put some historical context on this topic of the fed fund’s rates Fobby followed up by asking Madison if she knew what the Federal Reserve rate was and what it did.
There was also the case of the bunny ears throughout the entire episode! Not one to be missed, for sure!