In this digitally competitive day and age, where everyone wants and expects an answer “yesterday,” being efficient is imperative. The mortgage market in particular has grown more and more crowded as home prices soar and interest rates continue to decline. In fact, Interest rates have been dropping since late 2018, recently dipping below 4% in June for a 30-year mortgage, the lowest in about two years. Leveraging your credit union's technology to streamline the loan decision-making process can reduce the turn-around time for the member's application, provide members answers quickly, and potentially be the difference in whether a new loan closes with your credit union or at another financial institution.

For the first time in seven months, the demand for homes is stabilizing. In October the sale of previously owned homes increased, which indicates that existing properties are becoming less scarce. While this bodes well for those in the buyer’s market, mortgage rates have yet to budge. More properties are available, yet the prices continue to rise. The mortgage rate is the highest it has been in eight years, and the Federal Reserve is expected to increase interest rates again in 2018 and into 2019. Although NAR Chief Economist, Lawrence Yun, has urged the Fed to pause interest rates to avoid stunting growth in the housing market.