The past week has sparked memories of the 2008 and 2020 economic crises – but leading brokers aren’t panicking
You may have heard, but financial markets in the US and across the globe have been on a wild ride over the past week as the world reels from the impact of President Trump’s wave of tariffs announced last Wednesday.
Whether those measures achieve Trump’s goal of bringing jobs back to the US and sparking an American economic boom remains to be seen. But for now, tumbling stock markets and renewed recession fears have strengthened speculation that a crisis along the lines of the 2007-08 and COVID-19 economic meltdowns could be looming.
Those chaotic times triggered plenty of economic turbulence and presented huge challenges for mortgage professionals and their clients throughout the country. But for brokers who weathered the storms and emerged on the other side unscathed, navigating that series of crises has proven an invaluable experience with another bout of so-called “unprecedented” times ahead.
Just ask Christopher Holmes (pictured, right top), broker/owner at Scottsdale Mortgage Advisors, who told Mortgage Professional America his 34 years in the industry had given him more than a few crash courses in how to steer borrowers through bumpy economic times.
“Seeing the rollercoaster that we’ve had for the last few years, this is just another rollercoaster,” he explained. “You see it coming. You’re like, ‘OK, how do we coach our clients through this? How can I give my experience and lend that to helping my consumer, helping my client make a decision on [whether] we should buy today or not? What happens if we hold off, what are monthly payments, what options in finance do we have?’”
Could falling mortgage rates present opportunity for hopeful buyers?
One glimmer of good news even as risks grow of a sharp economic downturn is the possibility of mortgage rates sliding in the weeks ahead, with 10-year Treasury yields – which strongly influence those rates – slipping amid the chaos seen on Wall Street during the past seven days.
Mortgage rates jumped in the years after the COVID-19 pandemic, pushing many hopeful buyers to the sideline and freezing the refinance market – but a dip would be welcome news on the affordability front, Holmes said, raising the prospect of refinancing the buydowns that have surged in popularity in 2023.
Melissa Cohn of William Raveis Mortgage said market losses from tariffs are shaking buyer confidence. Craig Garcia of Capital Partners Mortgage noted rising inventory and tough condo financing add pressure.https://t.co/5KE2kZdt8a
— Mortgage Professional America Magazine (@MPAMagazineUS) April 7, 2025
“Temporary buydowns became a really important part of our market,” Holmes said. “Understanding the market [is important] – seeing what’s happened in the past, projecting that eventually rates will come down again where we can step in and then refinance that 2-1 buydown.
“If rates get into the high fives like they were in September of last year, it’s just about making sure that they understand that I’m their guy.”
Times of economic upheaval bring both challenges and opportunities for borrowers, homeowners and hopeful homebuyers – and Holmes said that over the decades his tried-and-tested approach to servicing those clients has never wavered.
“I joke that I’m old and I’m old school,” he said. “I’ve been doing this for so long and the way I learned to do it was face to face at the desk with the consumer, taking the application by hand, pulling the credit report and explaining to them what their options are – laying it out for them and helping them make an educated decision. So I still do that.”
AIME support an invaluable resource throughout broker-owner journey
Setting out in 2021 as a broker-owner, Holmes also tapped into the Association of Independent Mortgage Experts (AIME) and its annual Fuse conference, recommended by a friend in the industry, as a key resource in building his own brand and business.
Attending Fuse for the first time, he said, proved a pivotal moment in his career. “I was blown away at how many people were there, how many companies were there to support us, what companies like UWM and Rocket have done to support the channel and how the channel is growing,” he said.
“An organization like AIME has been instrumental for me to have some confidence that I don’t have to figure all this out on my own. I can go through the different sites, figure out who’s been screened already for some of the things that I need – the credit report services and things like that. So they’ve been a fantastic resource, and I love that they’re growing.”
Stay updated with the freshest mortgage news. Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
