The Texas Real Estate & Finance Podcast with Mike Mills

Ever wondered how AI could change the game for your real estate business? This episode unveils the secrets of utilizing artificial intelligence to not just meet, but exceed your business goals. Join us as we explore the untapped potential of AI tools that promise to redefine efficiency, marketing, and client satisfaction in real estate.

Harnessing AI for Real Estate Growth: In this enlightening session, we join forces with Ginger Bell to dissect the burgeoning role of artificial intelligence in reshaping the real estate landscape. Learn about the latest AI tools that are making waves in the industry, from workflow optimization to advanced marketing techniques. Bell shares her expert insights on leveraging AI for real estate, providing listeners with actionable strategies to stay ahead of the curve.

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The Transformative Power of AI in Real Estate

Artificial intelligence is revolutionizing the real estate industry by offering unprecedented tools for workflow optimization, marketing enhancement, and overall business growth. Ginger Bell illustrates the vast potential of AI in real estate, from simplifying complex tasks to providing detailed analytics for better decision-making. Realtors willing to embrace AI technologies can expect to gain a competitive edge, reduce operational costs, and improve customer satisfaction.

Practical Applications of ChatGPT for Realtors

ChatGPT emerges as a game-changer for real estate professionals seeking to leverage AI. This episode delves into how ChatGPT can be utilized for crafting compelling property listings, automating customer interactions, and generating marketing content. Ginger Bell shares her expertise on effectively communicating with ChatGPT to produce results that resonate with both buyers and sellers, demonstrating the tool's versatility in real estate practices.

Crafting an Effective AI-Driven Value Proposition

One of the episode's highlights is the discussion on using AI to develop powerful value propositions that distinguish realtors in a competitive market. Ginger Bell emphasizes the importance of clearly articulating the benefits AI tools bring to the table, such as enhanced market analysis, personalized customer service, and efficient property management. A well-defined AI-enhanced value proposition can be a key differentiator in attracting and retaining clients.

AI's Role in Real Estate Marketing Strategies

Marketing in the real estate sector is undergoing a significant transformation thanks to AI. This episode provides insights into how artificial intelligence can optimize marketing efforts, target the right audience, and create engaging content. By adopting AI tools like ChatGPT for content creation and data analysis, realtors can craft more effective marketing campaigns that drive engagement and generate leads.

Preparing for the Future of Real Estate with AI

As the real estate industry continues to evolve, staying ahead of technological advancements becomes crucial. Ginger Bell and the discussion in this episode underscore the importance of realtors being proactive in integrating AI tools into their business strategies. Embracing AI not only prepares realtors for the future but also equips them with the tools necessary for navigating the complexities of the modern real estate market.

00:00:12 - Introduction by Mike Mills: Mike welcomes listeners to a new age in real estate, emphasizing the need for Realtors to embrace AI for optimizing workflow and enhancing marketing strategies.

00:03:47 - The Power of AI in Real Estate: Discussion on the transformative changes AI brings to the real estate industry, focusing on cost-saving measures and business optimization.

00:07:22 - Guest Introduction: Ginger Bell, a seasoned AI expert and best-selling author, is introduced, setting the stage for an in-depth discussion on AI's role in real estate.

00:10:05 - AI Tools for Real Estate: Overview of various AI tools, including ChatGPT, and their applications in real estate for improving business practices.

00:13:30 - ChatGPT in Action: Exploring practical examples of how ChatGPT can be leveraged by Realtors for tasks such as crafting property listings and automating customer service.

00:17:18 - Crafting an AI-Enhanced Value Proposition: Strategies for developing compelling value propositions using AI, highlighting its benefits to clients.

00:21:44 - AI in Marketing Strategies: Insights into integrating AI into real estate marketing efforts for targeted campaigns and engaging content creation.

00:25:59 - Overcoming Challenges with AI: Discussion on common challenges Realtors face when adopting AI tools and strategies for overcoming these obstacles.

00:29:33 - Future of Real Estate with AI: Predictions on the future landscape of the real estate industry influenced by AI technologies.

00:32:47 - Real Estate Workflows and AI: Deep dive into how AI is streamlining real estate workflows, making operations more efficient.

00:36:11 - Enhancing Client Experiences with AI: The impact of AI on improving customer service and personalizing client interactions in real estate.

00:39:55 - AI for Market Analysis: Utilizing AI for comprehensive market analysis, enabling Realtors to make data-driven decisions.

00:43:30 - Content Creation with AI: Tips and tricks for using AI, specifically ChatGPT, for generating compelling marketing content and listings.

00:47:08 - Interactive Q&A: Ginger Bell answers listener questions on implementing AI in their real estate practices.

00:50:34 - Preparing for AI Integration: Steps for Realtors to begin integrating AI tools into their business models effectively.

00:54:01 - AI Myths Debunked: Debunking common myths surrounding the use of AI in real estate.

00:57:25 - Leveraging AI for Competitive Advantage: How Realtors can use AI to gain a competitive edge in the market.

01:00:49 - Call to Action: Encouragement for listeners to explore and adopt AI tools in their real estate business for future success.

01:04:15 - Conclusion: Mike Mills wraps up the episode, highlighting the importance of AI in shaping the future of real estate and thanking Ginger Bell for her insights.

Ginger Bell: An esteemed author, educator, and authority in the field of artificial intelligence, Ginger Bell brings over two decades of experience in creating educational materials for the mortgage and real estate industries. As a best-selling author, Ginger has penned numerous books, including works on how to effectively integrate AI into business strategies. She's the founder of a media production agency specializing in AI and video marketing services, catering to professionals in the real estate and mortgage sectors. Ginger's comprehensive online AI Mastery Resource Center is a testament to her commitment to educating industry professionals on leveraging ChatGPT and other AI tools to enhance their business operations. Her accolades include being recognized as a 15-time bestselling author, highlighting her profound impact on the field of educational content creation within the real estate and mortgage industries. Ginger's dedication to innovation and education in AI makes her a sought-after expert and an influential figure in navigating the future of real estate technology.

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If you're feeling the burden of unexpected property tax increases, then you are not alone! Many homeowners face the surprise of hefty tax bills that skyrocket their monthly expenses, especially around tax season. It's a common story, but understanding property tax regulations can prevent this from happening to you.

In this episode of the Texas Real Estate & Finance Podcast, Dr. Blake Bennett, an associate professor and economist at Texas A&M University's AgriLife Extension, shares valuable insights into the complexities of property taxes in Texas. Dr. Bennett's personal experience of being caught off guard by a substantial tax increase in the second year of homeownership highlights the importance of understanding property tax implications for first-time homebuyers. He emphasizes the necessity for proactive financial planning to prepare for potential spikes in property taxes and provides practical advice on navigating the intricacies of the tax system. His expertise sheds light on the impact of new exemptions, the dynamics of the real estate market, and the implications for homeowners, lending, and local communities. If you're a first-time homebuyer seeking to grasp the nuances of property taxes and make informed financial decisions, Dr. Bennett's insights and practical advice make this episode a must-listen.

Delving into the complexities of Texas property taxes can uncover significant savings opportunities for homeowners and realtors. This episode with Dr. Blake Bennett offers a comprehensive overview, highlighting the importance of being proactive about tax assessments and exemptions. Learn how property values are determined and the critical deadlines to keep in mind for appeals.

Homestead exemptions not only reduce the taxable value of your home but also play a pivotal role in managing your property taxes effectively. Dr. Bennett explains the nuances of these exemptions, including who qualifies, how to apply, and the long-term benefits they offer, especially for those over 65 or with disabilities.

Many homeowners accept their property tax assessments without question. Yet, as Dr. Bennett outlines, challenging your valuation can lead to significant savings. This episode provides a step-by-step guide on preparing for your appeal, what evidence to gather, and how to present your case to the appraisal review board.

A crucial benefit for Texas seniors is the over-65 tax freeze, which locks in the property tax amount, preventing increases as property values rise. Dr. Bennett discusses how to apply this freeze and the potential to transfer a percentage of your tax savings when moving to a new residence within Texas, underscoring a strategic approach to retirement planning.

Recent legislative reforms in Texas have introduced changes to property tax laws, affecting homeowners and the real estate market at large. This episode covers the most significant reforms, how they impact your tax bill, and what to anticipate in future legislative sessions. Dr. Bennett emphasizes the importance of staying informed to navigate these changes effectively.

00:00 - 02:00 Introduction to the episode with Mike Mills, highlighting the focus on Texas Property Taxes and the challenges homeowners face during tax season.

02:01 - 04:00 Introduction of Dr. Blake Bennett, an associate professor and economist at Texas A&M, with a brief overview of his expertise in Texas property taxes.

04:01 - 06:00 Discussion begins on the complexities of Texas property taxes and the common misconceptions homeowners and realtors have about them.

06:01 - 08:00 Dr. Bennett explains the foundation of property tax in Texas, including how property values are assessed and the impact of market fluctuations.

08:01 - 10:00 The importance of homestead exemptions for Texas homeowners, how they work, and tips on ensuring you're taking full advantage.

10:01 - 12:00 Dr. Bennett dives into the Over-65 Tax Freeze, detailing how seniors can benefit from this exemption and the process of applying for it.

12:01 - 14:00 The conversation shifts to challenging property valuations, with Dr. Bennett providing insights on when and how to dispute your property's assessed value.

14:01 - 16:00 Strategies for effectively arguing your property tax assessment, including what evidence to bring and how to present your case to the appraisal district.

16:01 - 18:00 Exploring the implications of recent legislative changes on Texas property taxes and what homeowners need to be aware of.

18:01 - 20:00 Dr. Bennett discusses the process of transferring your tax exemption when moving within Texas, a lesser-known strategy for homeowners.

20:01 - 22:00 The role of property taxes in Texas education funding and the audit process appraisal districts undergo to ensure fairness in valuations.

22:01 - 24:00 Addressing the challenge of rising property taxes in Texas and potential long-term solutions to mitigate the burden on homeowners.

24:01 - 26:00 Q&A session begins, with listeners submitting questions on property taxes, exemptions, and how to prepare for tax season.

26:01 - 28:00 Dr. Bennett shares his top tips for realtors on educating clients about property taxes and ensuring they're factored into home buying decisions.

28:01 - 30:00 The economic forecast for Texas property values and how this will impact future property taxes.

30:01 - 32:00 Wrapping up the discussion, Mike Mills and Dr. Bennett recap the key points covered in the episode and offer final advice for navigating Texas property taxes.

32:01 - 34:00 Closing remarks and how listeners can stay informed about Texas property taxes, including resources and where to find more information.

34:01 - 36:00 Mike Mills talks about the importance of engagement from the audience, asking for likes, comments, and shares to help spread the valuable information shared in the episode.

Dr. Blake Bennett, an associate professor and economist at Texas A&M's AgriLife Extension, brings a unique flair to the world of property taxes. With a knack for breaking down complex tax concepts into bite-sized and digestible pieces, Dr. Bennett has been educating and assisting real estate professionals across Texas for over 7 years. His engaging approach and practical insights make navigating property tax implications an enlightening experience.

Ever wonder how some Realtors manage to stand out in a saturated market? 'Mastering Real Estate with Effective Niche Marketing: Insights from a Veteran Realtor' explores the secrets behind targeted marketing strategies that lead to undeniable success. Tune in to unlock the potential of niche marketing in your real estate business.

In this episode of The Texas Real Estate & Finance Podcast, Effective Niche Marketing takes center stage as we explore its impact on real estate success with expert Realtor, Danielle Fountain. Danielle unpacks the lessons learned throughout her career, from the precision of military planning to the nuances of the Austin Texas, real estate market. Listeners will gain a wealth of knowledge on identifying and targeting their niche, adapting to market shifts, and leveraging social media platforms like X (formerly Twitter) to enhance their marketing efforts.

The Power of Targeted Marketing in Real Estate

• Targeted marketing isn't just a buzzword; it's a strategic advantage. In this episode, Danielle Fountain illustrates how identifying and focusing on a specific niche not only enhances your visibility but significantly increases your chances of connecting with the right audience. By honing in on particular demographics, Realtors can create more personalized and effective marketing campaigns, leading to higher engagement and conversion rates.

Navigating Commission Changes with Grace

• The real estate industry is no stranger to evolution, and commission structures are at the forefront of recent shifts. Our discussion with Danielle Fountain sheds light on how Realtors can adapt to these changes proactively. Embracing transparency, educating clients early in the process, and articulating the value you bring to the table are key strategies for navigating these waters successfully.

Utilizing Data to Drive Real Estate Decisions

• Data is the cornerstone of any successful real estate marketing strategy. Danielle’s approach emphasizes the critical role of data in understanding market trends, forecasting, and making informed decisions. This episode demonstrates how Realtors can leverage data to gain insights into consumer behavior, market dynamics, and ultimately, how to position themselves as authoritative and trustworthy advisors in their niche.

Effective Use of Social Media Platforms

• The choice of platform matters in real estate marketing. This episode dives into why Danielle Fountain chose X (formerly Twitter) as her primary platform and how Realtors can leverage different social media platforms to reach their target audience effectively. From building a following by engaging with larger accounts to providing value through data-driven posts, the strategies discussed are invaluable for anyone looking to amplify their online presence.

The Importance of Resilience and Adaptation

• Success in real estate is as much about resilience and adaptation as it is about market knowledge and networking. Danielle’s journey from the military to real estate is a testament to the power of resilience. This episode inspires Realtors to embrace change, face challenges head-on, and view every setback as an opportunity to learn, grow, and refine their approach to business

• 00:00-03:00: Introduction to the episode and guest Danielle Fountain, a veteran Realtor who transitioned from a military career to mastering the real estate market in Fountain, Texas.
• 03:01-06:00: Danielle shares her military background and how it equipped her with the discipline and strategic thinking essential for real estate success.
• 06:01-09:00: Discussion on the significance of finding and targeting a niche in real estate marketing for better client engagement and success.
• 09:01-12:00: Insights into navigating the changing commission structures in the real estate industry and strategies for maintaining profitability.
• 12:01-15:00: The importance of leveraging data in real estate to make informed decisions and provide value to clients.
• 15:01-18:00: Why Danielle chose X (formerly Twitter) as her primary social media platform and how it's been instrumental in her marketing strategy.
• 18:01-21:00: Techniques for building an audience on social media platforms and engaging potential clients through meaningful content.
• 21:01-24:00: The role of resilience in real estate and how overcoming challenges leads to growth and learning opportunities.
• 24:01-27:00: Danielle's approach to adapting her business model in response to market changes and client needs.
• 27:01-30:00: How targeted marketing strategies have led to Danielle's success in the competitive Austin, Texas, real estate market.
• 30:01-33:00: The potential impact of commission changes on Realtors and how to prepare for these shifts.
• 33:01-36:00: Discussion on the importance of transparency with clients regarding commission and value.
• 36:01-39:00: Danielle explains her method of using data-driven posts on X to attract and educate her audience.
• 39:01-42:00: The advantage of focusing on a specific market area (Fountain, Texas) for detailed and accurate market analysis.
• 42:01-45:00: Tips for engaging with larger accounts on social media to increase visibility and credibility.
• 45:01-48:00: The importance of personal branding and how authenticity attracts the right clients.
• 48:01-51:00: Strategies for Realtors to adapt their marketing efforts in light of new industry regulations and consumer expectations.
• 51:01-54:00: Danielle shares advice for new Realtors entering the market, emphasizing the importance of niche marketing and data analysis.
• 54:01-57:00: Closing thoughts on the future of real estate marketing and the evolving landscape of the industry.
• 57:01-60:00: Q&A with Danielle, addressing listener questions on niche marketing and her experiences in real estate.

Danielle Fountain is a seasoned Realtor based in Austin, Texas, with a remarkable journey from serving ten years in the military to dominating the real estate market. With expertise in electrical and aeronautical engineering, Danielle’s love for numbers and process optimization translated seamlessly into her real estate career. Her background as a certified negotiator and mediator, particularly in dealing with labor unions, has endowed her with unparalleled negotiation skills, crucial in the real estate sector. Danielle’s military discipline, combined with her dedication and strategic approach, has made her a formidable force in the industry. As a military veteran, she brings organization, skill, and a profound sense of personal responsibility to her role—a distinction that sets her apart. Residing in her last base of San Antonio before transitioning to real estate, Danielle’s venture into the field was spurred by a passion for property and a desire for a career without a salary cap. Her approach to real estate is data-driven, focusing on providing transparency and leveraging social media, particularly X (formerly Twitter), to educate and engage with her audience effectively. Danielle's commitment to excellence and her unique perspective on real estate marketing make her a valuable voice in the industry and an inspiration to professionals and clients alike.

How does the NAR settlement Imact your Real Estate business? In a landscape where real estate commissions are under scrutiny, this episode brings clarity and foresight. Join us as we dissect the implications and navigate through the murky waters of future real estate practices.

Decoding the NAR Settlement: What Realtors Need to Know:

This episode offers a deep dive into the NAR settlement, featuring insights from seasoned real estate broker Amy Cearnal. Discover how the settlement affects commission structures, buyer representation agreements, and the future of real estate transactions. We unravel the complexities of the recent changes and what they mean for realtors nationwide.

1. The New Commission Structure:

The NAR Settlement Impact signifies a pivotal shift in how real estate commissions are structured. This episode elucidates the changes, emphasizing the move away from traditional seller-paid commissions to a model where buyer representation is more transparently compensated. For realtors, understanding these changes is crucial for adapting their business strategies and maintaining profitability in a shifting landscape.

2. Buyer Representation Agreements:

A significant focus of the episode is the enhanced role and importance of buyer representation agreements post-NAR settlement. These agreements become central to defining the relationship and compensation between buyers and their agents, ensuring clarity and mutual understanding. Realtors will need to navigate these agreements with greater care, clearly communicating their value to buyers.

3. The Impact on MLS and Listing Practices:

The settlement brings forth changes to how properties are listed and how MLS systems operate, particularly regarding the visibility of commission offers. This discussion highlights the need for realtors to adapt their listing practices and leverage MLS data in new ways to serve their clients effectively while complying with the updated regulations.

4. Legal Implications and Realtor Adaptability:

Understanding the legal nuances of the NAR Settlement Impact is vital for realtors to navigate the new real estate landscape without falling foul of regulations. This takeaway stresses the importance of staying informed on legal matters, advocating for proactive financial management, and embracing adaptability in their practices.

5. Empowerment through Knowledge:

Lastly, the episode drives home the importance of empowerment through knowledge. For realtors, staying informed about changes in the real estate industry, from commission structures to legal implications, is key to empowering themselves and their clients. This knowledge allows for informed decision-making, fostering trust, and building stronger client relationships.

00:00 - 03:30: Introduction and immediate discussion on the NAR Settlement's implications, with Amy Cearnal setting the stage for the episode's focus.

03:30 - 07:00: Amy delves into the background of the NAR settlement, explaining its origins, and key elements, emphasizing its significance to realtors.

07:00 - 10:30: Examination of the monetary aspects of the settlement, its impact on NAR's financials, and implications for membership dues.

10:30 - 14:00: Discussion on liability limitations and the broader effects of the settlement on real estate brokerage practices.

14:00 - 17:30: Deep dive into changes in buyer representation agreements, the new requirements, and implications for both buyers and realtors.

17:30 - 21:00: Analyzing the removal of buyer agent commissions from MLS listings, exploring potential strategies for agents to adapt.

21:00 - 24:30: Strategies for realtors to redefine their value proposition and adapt their business models to remain competitive in the changing landscape.

24:30 - 28:00: Insights into how the settlement impacts consumer behavior, with predictions for short-term versus long-term market effects.

28:00 - 31:30: The importance of clear communication with clients regarding commissions and setting proper expectations.

31:30 - 35:00: The necessity for realtors to pursue ongoing education, adapt business models, and refine their service offerings.

35:00 - 38:30: Potential shifts in listing agent responsibilities and how real estate teams might adjust to accommodate new market conditions.

38:30 - 42:00: Reflections on historical real estate practices and the push towards modernization and efficiency in the face of changing regulations.

42:00 - 45:30: Discussion on the influence of big money, technology, and government regulations on the future of the real estate industry.

45:30 - 49:00: Closing thoughts on resilience, innovation, and the critical role of client-focused services in navigating industry changes.

49:00 - 52:30: Consideration of the evolving role of real estate professionals, including agents and teams, in providing value in the new landscape.

52:30 - 56:00: Insights into the impact of technology and online platforms on the real estate transaction process and agent-client interactions.

56:00 - 59:30: Final reflections on embracing change, seeking opportunities, and the importance of staying informed and proactive in the real estate profession.

59:30 - 60:00: Wrap-up, acknowledgments, and a call to action for listeners to engage further with the topic through discussions, feedback, and professional development.

Amy Cearnal is a seasoned real estate broker with two decades of experience in the north Texas real estate market. As a dedicated professional, Amy brings a wealth of knowledge and expertise to her clients, helping them navigate the complexities of buying and selling properties. Her commitment to excellence and her passion for real estate have made her a respected figure in the industry.

Beyond her role as a broker, Amy is currently furthering her education in law school, underscoring her dedication to understanding the legal aspects of real estate transactions. This unique combination of practical experience and legal knowledge enables her to provide unparalleled insights into the latest industry trends, regulations, and changes, such as the NAR Settlement Impact.

Amy's approach is characterized by her emphasis on clear communication, informed decision-making, and empowering her clients through knowledge. Her ability to demystify complex real estate concepts and present them in an accessible manner has earned her a reputation as a trusted advisor and advocate for both buyers and sellers.

In this episode, Amy shares her insights into the NAR Settlement Impact, offering listeners valuable perspectives on how this pivotal moment could reshape the real estate landscape. Her balanced view, informed by years of experience and ongoing legal education, provides a comprehensive understanding of the challenges and opportunities that lie ahead for realtors.

Tired of eye rolls when you bring up financial responsibility with your teens? Our latest episode is about to change all that. Step into a conversation that bridges the gap between teenage rebellion and financial wisdom, sparking a passion for savings, earnings, and college preparations.

Episode Overview:

"Mastering Teen Financial Literacy: From First Paychecks to College Funding" dives deep into the world of financial independence for teens. Hosted by seasoned mortgage banker Mike Mills and featuring his 16-year-old daughter Catey Mills, this episode tackles how to engage teens in financial conversations, from earning their first paycheck to planning for college expenses. Discover insights on part-time jobs, saving strategies, and the value of financial planning, all while keeping it relatable and engaging for both parents and teens.

Key Takeaways:

Understanding Financial Independence for Teens

Financial independence isn't just for adults. This episode emphasizes how crucial it is for teenagers to grasp the basics of earning, saving, and managing their own money. Through Mike and Catey's dialogue, we see a practical blueprint for teens to start their financial journey on the right foot, highlighting the importance of part-time jobs and personal savings as stepping stones towards financial autonomy.

The Role of Communication in Financial Literacy

One of the episode's core lessons is the power of open and engaging communication between parents and teens about money. Mike's approachable and humorous style makes the daunting topic of finance accessible and interesting to his teenage daughter, Catey. This interaction models how parents can effectively discuss financial planning and responsibility with their children, making the conversation both educational and enjoyable.

Navigating the First Paycheck

The transition from financial dependency to earning one's own money is a monumental step in a teen's life. The podcast dives into how teens can manage their first paychecks, encouraging savings and smart spending. It highlights practical tips for budgeting that cater specifically to the teenage experience, emphasizing the value of saving a portion of their earnings.

Planning for College Expenses

With the rising costs of college education, planning and saving for tuition and other expenses have never been more critical. This episode breaks down the complexities of college funding, scholarships, and financial aid. It offers parents and teens alike a comprehensive understanding of the options available for financing higher education without falling into the debt trap.

Building a Financial Foundation Early On

Lastly, the importance of laying a financial foundation early in life cannot be overstated. Mike and Catey discuss strategies for teens to start building their financial futures now, including opening savings accounts, understanding the basics of investing, and learning about credit. This key takeaway underscores that it's never too early to start thinking about and planning for one's financial future.

Time Stamped Summaries:

00:00:00 - 00:02:00

Introduction and warm welcome by Mike Mills, touching on the joy and challenges of parenting teens. Mike introduces the theme of the episode: improving teen financial literacy.

00:02:00 - 00:04:00

Catey Mills shares her perspective on spending spring break discussing finances, highlighting the generational gap in financial understanding.

00:04:00 - 00:06:00

Discussion on Catey’s schedule and balancing school, work, and volleyball, illustrating the importance of time management for teens.

00:06:00 - 00:08:00

Catey talks about her job, emphasizing the value of work experience and financial independence for teenagers.

00:08:00 - 00:10:00

Insight into the current job market challenges for teens and the importance of persistence in finding employment opportunities.

00:10:00 - 00:12:00

Catey’s promotion and its implications for her financial independence and self-esteem.

00:12:00 - 00:14:00

The significance of learning through working, highlighting how part-time jobs can teach valuable life skills beyond earning money.

00:14:00 - 00:16:00

Discussion on the impact of earning and managing money on Catey’s personal development and future financial planning.

00:16:00 - 00:18:00

Catey reflects on her spending habits and the importance of budgeting, particularly in relation to leisure and personal care.

00:18:00 - 00:20:00

Mike and Catey explore the realization that comes with managing one's own finances, including the real cost of desires.

00:20:00 - 00:22:00

Exploration of cost-saving measures and financial priorities, including the impact of financial literacy on everyday decisions.

00:22:00 - 00:24:00

Deep dive into the essentials of budgeting and savings, with practical tips for teens to manage their finances effectively.

00:24:00 - 00:26:00

Overview of basic living expenses and the necessity of financial planning for future independence.

00:26:00 - 00:28:00

Discussion on the realities of earning a wage, budgeting for living expenses, and the impact on lifestyle choices.

00:28:00 - 00:30:00

Consideration of future goals, the role of college education in financial planning, and the importance of making informed decisions.

00:30:00 - 00:32:00

A look into family support, personal financial responsibility, and preparing teens for financial independence.

00:32:00 - 00:34:00

Deliberation on the value of college degrees, alternative education methods, and the importance of pursuing passion.

00:34:00 - 00:36:00

Catey shares her aspirations for college, including playing volleyball and her perspective on the social aspects of university life.

00:38:00 - 00:40:00

Closing thoughts on preparing for financial independence, the importance of early financial education, and the episode's takeaways.

00:40:00 - 00:42:00

Catey discusses the importance of playing volleyball in college and how sports can contribute to a sense of community and belonging.

00:42:00 - 00:44:00

Exploring alternatives to traditional college experiences, such as sororities, and Catey’s personal preferences for college life.

00:44:00 - 00:46:00

Mike and Catey delve into the realities of college expenses, highlighting the significance of scholarships and financial planning.

00:46:00 - 00:48:00

Discussion on the potential for earning scholarships, including athletic and academic pathways, to alleviate college financial burdens.

00:48:00 - 00:50:00

The episode shifts focus to the various types of scholarships available, including those offered by private companies and organizations.

00:50:00 - 00:52:00

Catey shares insights on useful resources for finding scholarships, emphasizing the importance of early and proactive search efforts.

00:52:00 - 00:54:00

Mike introduces the concept of a 529 college savings plan and discusses its benefits and flexibility for future educational expenses.

00:54:00 - 00:56:00

Highlighting the importance of starting financial planning and education early, with tips for parents to engage their teens in these conversations.

00:56:00 - 00:58:00

A look into the practical aspects of managing daily expenses and saving for future goals, emphasizing the value of financial independence.

00:58:00 - 01:00:00

Concluding remarks, with Mike and Catey reflecting on the journey of financial literacy and encouraging listeners to continue learning and discussing finance within their families.

Catey Mills

Catey Mills is a vibrant and insightful 16-year-old with a keen interest in sports, particularly volleyball, which she aspires to pursue in college. Balancing her academic responsibilities with her passion for volleyball and her part-time job as a swim instructor, Catey embodies the spirit of a proactive and engaged teenager navigating the complexities of financial literacy. As the daughter of Mike Mills, a seasoned mortgage banker and podcast host, Catey brings a unique teenage perspective to discussions on managing finances, earning and saving money, and planning for future expenses like college. Her candid and relatable experiences provide valuable insights into the challenges and opportunities faced by teens today as they step into financial independence. Catey's enthusiasm for learning and growing, both personally and financially, makes her an inspiration to her peers and a compelling guest on the podcast.

Resources:

1. Niche.com - A platform for exploring colleges, scholarships, and connecting students to their future schools, scholarships, and careers.
2. Scholarships.com - A comprehensive resource for finding scholarships based on various criteria, including academic interests, athletic abilities, and more.
3. FAFSA (Free Application for Federal Student Aid) - The official government site for students to apply for federal financial aid for college or graduate school.
4. FinAid.org - Offers an extensive library of resources on college financing, scholarships, savings plans, and military aid.
5. The College Board - Provides information on the SAT, college admissions, and financial aid, including a scholarship search tool.
6. Mint.com - A budgeting app that can help teens manage their money, track their spending, and set financial goals.
7. Investopedia's Young Adults Section - Offers financial education articles and resources tailored to young adults and teens.
8. 529 College Savings Plan Information - The official IRS page on 529 plans, detailing the tax advantages and educational benefits.
9. JumpStart Coalition for Personal Financial Literacy - Dedicated to improving the financial literacy of pre-kindergarten through college-age youth by providing advocacy, research, standards, and educational resources.

Unlock the secrets behind the housing market shortage and the relentless rise in rent prices. This episode offers a critical analysis and expert insights into the real estate trends that matter most.

Detailed Episode Overview:

With the housing market shortage as our focus, this episode pulls back the curtain on the factors driving up home prices and rents. Mike Mills guides listeners through a detailed exploration of the real estate market, highlighting Logan Mohtashami's predictions on mortgage rates and shedding light on the concerning trends of rent price fixing and the role of corporate landlords in exacerbating the housing crisis.

Key Takeaways:

Understanding the Housing Market Shortage

• The current housing market shortage is a complex issue with far-reaching implications. Mike Mills discusses the gap between household formations and new construction, highlighting the impact on affordability and the American dream of homeownership.

Mortgage Rate Dynamics

• This episode delves into the fluctuating world of mortgage rates. Insights from Logan Mohtashami provide listeners with a better understanding of the economic factors influencing rates and their effect on the housing market.

The Impact of Corporate Landlords and Rent Price Fixing

• Corporate landlords and rent price fixing are driving the national rent crisis. The episode explores Realpage's controversial practices and the broader implications for tenants and the housing market.

The Financial Benefits of Homeownership

• Despite challenges, homeownership remains a key to financial stability. This episode outlines the benefits of owning a home, contrasting these with the uncertainties and escalating costs of renting.

The Critical Role of Market Education

• Educating clients and the public on the realities of the housing market is crucial. Mike emphasizes the importance of informed decision-making in navigating today's complex real estate landscape.

00:00:08 - 00:00:34 | Introduction

Mike Mills welcomes listeners, setting the stage for a discussion on the housing market's challenges and the importance of homeownership.

00:00:34 - 00:00:47 | Host Introduction

Introduction to Mike Mills, a North Texas mortgage banker with Geneva Financial, emphasizing his passion for helping people navigate the world of loans.

00:00:47 - 00:01:21 | The Housing Shortage Crisis

Discussion on the current US housing shortage and its implications for real estate prices and accessibility.

00:01:21 - 00:01:48 | Insights on Mortgage Rates

Breakdown of Logan Mohtashami's insights on mortgage rates and predictions for the future.

00:01:48 - 00:02:05 | Listener Engagement Call

Mike encourages listeners to engage with the podcast through likes, comments, and shares.

00:02:05 - 00:02:23 | Interest Rates Update

An update on last week's mortgage rates, including a tease of rates dropping below 7%.

00:02:23 - 00:02:57 | Analysis by Logan Mohtashami

In-depth look at Logan Mohtashami's article on mortgage rates, influenced by job data and Federal Reserve comments.

00:02:57 - 00:03:21 | Forecast on Ten Year Yield

Exploration of the 2024 forecast for the ten-year yield and its impact on mortgage rates.

00:03:21 - 00:03:44 | Recent Trends in Mortgage Rates

Discussion on the recent drop in mortgage rates to 6.875% and its effect on the housing market.

00:03:44 - 00:04:10 | Inventory and Home Pricing Trends

Analysis of inventory growth and the trend of homes taking price cuts before selling.

00:04:10 - 00:04:41 | The Impact of Inflation Reports on Rates

How upcoming CPI and PPI inflation reports could influence mortgage rates.

00:04:41 - 00:05:06 | Buyers' Market Dynamics

The changing dynamics in the buyers' market, influenced by mortgage rates and housing inventory.

00:05:06 - 00:05:40 | US Housing Market Supply Crisis

Jerome Powell's comments on the persistent undersupply in the US housing market.

00:05:40 - 00:06:10 | Investment Trends in Housing

The trend towards build-for-rent investments and its implications for housing availability.

00:06:10 - 00:06:40 | White House Proposals for Housing Market

Details on proposed tax credits aimed at easing housing market challenges.

00:06:40 - 00:07:16 | Long-term Outlook on Housing Shortage

Discussion on the long-term challenges of addressing the housing shortage.

00:07:16 - 00:07:36 | CFPB's New Rule on Credit Card Late Fees

Introduction to a new rule reducing credit card late fees, aiming to alleviate financial strain on Americans.

00:07:36 - 00:08:12 | Impact of Late Fee Reduction

Discussion on how the reduction in credit card late fees could benefit consumers and the economy.

00:08:12 - 00:08:40 | Closing Loopholes in Credit Card Fees

Exploration of the Credit Card Accountability, Responsibility, and Disclosure Act and its implications.

00:08:40 - 00:09:07 | Consumer Protection and Financial Management

Insights into the CFPB's role in promoting consumer protection and responsible financial management.

00:09:07 - 00:09:21 | Returning to the Housing Shortage

Discussion on the gap between household formations and housing construction, exacerbating the housing crisis.

00:09:21 - 00:10:48 | The Shift Towards New Construction

Analysis of trends in new construction, affordability challenges, and the demographic shift towards younger buyers.

00:10:49 - 00:11:48 | Solving the Housing Crisis

The need for innovative solutions in building more and smarter homes to address the housing shortage.

00:11:48 - 00:12:08 | Societal Impact of Housing Shortage

Reflections on the broader societal implications of the housing crisis.

00:12:08 - 00:13:12 | Financial Implications of Renting vs. Buying

Comparison of the financial implications of renting versus buying in the current market.

00:13:12 - 00:14:26 | Rent Price Fixing Concerns

Exploration of the issues surrounding rent price fixing and the role of companies like Realpage.

00:14:26 - 00:15:31 | Legal and Legislative Responses to Rent Fixing

Discussion on the legal and legislative responses to the challenges posed by rent price fixing.

00:15:31 - 00:16:07 | Corporate Ownership of Homes

The rise of corporate and foreign ownership of homes and its impact on the housing market.

00:16:07 - 00:17:52 | Encouraging Homeownership

Arguments for the benefits of homeownership and the importance of educating clients on these benefits.

00:17:52 - 00:18:27 | Conclusion and Call to Action

Closing remarks emphasizing the importance of homeownership and the need for proactive engagement in the real estate market.

Mike Mills is a respected mortgage banker with Geneva Financial in North Texas. With over 15 years in the industry, Mike brings a wealth of knowledge and insights to his listeners, aiming to demystify the complexities of real estate and finance. As the host of the Texas Real Estate and Finance Podcast, he is passionate about empowering his audience through education, offering practical advice, and exploring the latest trends in the housing market

Dive deep into how reverse mortgage benefits can be a game-changer in your real estate portfolio, offering clients financial flexibility and security.

Reverse Mortgage Benefits Uncovered: A Comprehensive Guide for Realtors and Lenders

Dive into the intricacies of reverse mortgages with our guest, Chris Handy, a seasoned expert in the field. This episode sheds light on how realtors and lenders can utilize reverse mortgage benefits to offer innovative solutions for senior homeowners. We delve into topics such as equity access strategies, financial planning for retirement, and the implications of home value appreciation. Discover how this misunderstood financial tool can create wealth-building opportunities for your clients and transform your professional services.

Key Takeaways:

Empowering Retirement with Reverse Mortgage

• Reverse mortgages can significantly empower senior homeowners by unlocking the dormant equity in their homes. For realtors and lenders, understanding and conveying the potential of these financial tools means offering clients a pathway to a more secure and flexible retirement.

Navigating the Process with Ease

• The process of obtaining a reverse mortgage is streamlined and manageable, especially when guided by an experienced professional. Mastering this process and educating clients can demystify reverse mortgages and encourage their use.

Addressing Misconceptions

• Addressing and debunking common misconceptions allows realtors and lenders to present reverse mortgages as viable financial strategies, building trust and credibility with clients.

The Value of Professional Guidance

• Becoming knowledgeable advocates for reverse mortgages can make a significant difference in the lives of clients, positioning professionals as trusted advisors.

Reverse Mortgages as a Strategic Tool

• Leveraging reverse mortgage benefits can help clients achieve a more prosperous retirement, invest in real estate, or even assist their heirs financially.

Time Stamped Summary:

Here's a breakdown of the episode into timestamped highlights:

• 00:00:12 - Introduction to the episode and the immense potential of reverse mortgages for retirement planning.
• 00:01:28 - Introduction of guest Chris Handy, a certified reverse mortgage specialist.
• 00:02:01 - Discussion on the "Silver Tsunami" and its impact on the real estate market.
• 00:03:22 - The rising trend of seniors opting for reverse mortgages and its benefits.
• 00:04:12 - How reverse mortgages have evolved over the years and current best practices.
• 00:05:44 - The certification process for reverse mortgage professionals and its importance.
• 00:07:40 - Exploring the common misconceptions surrounding reverse mortgages.
• 00:09:00 - Detailed breakdown of how reverse mortgages work and their flexibility.
• 00:10:06 - Benefits of reverse mortgage lines of credit and their growth potential.
• 00:11:34 - The impact of property appreciation on reverse mortgages.
• 00:12:30 - Navigating market downturns and the protective measures of FHA.
• 00:14:18 - The strategic use of reverse mortgages in retirement planning.
• 00:15:49 - Addressing the needs and concerns of non-borrowing spouses.
• 00:17:17 - Innovative strategies for using reverse mortgage funds effectively.
• 00:19:15 - Debunking myths and clarifying the reality of reverse mortgages.
• 00:20:10 - The negative connotations of reverse mortgages and their correction.
• 00:22:11 - Discussing the financial implications for heirs and estate planning.
• 00:23:49 - How reverse mortgages can support seniors in maintaining their lifestyle.
• 00:26:26 - Utilizing reverse mortgages for real estate investments and aiding heirs.
• 00:29:08 - Introducing a new reverse mortgage product for additional flexibility.
• 00:31:26 - Qualification criteria and process for obtaining a reverse mortgage.
• 00:33:28 - Real-life applications and use cases for reverse mortgage funds.
• 00:36:29 - Exploring the potential of reverse mortgages for wealth transfer.
• 00:39:23 - The introduction of second lien reverse mortgages and their benefits.
• 00:41:55 - Handling questions and concerns from clients' heirs about reverse mortgages.
• 00:45:09 - Encouraging realtors and lenders to educate themselves and their clients about reverse mortgages.
• 00:47:06 - Discussing interest rate adjustments and their long-term impact.
• 00:49:59 - Market trends, home value appreciation, and strategic planning with reverse mortgages.
• 00:52:24 - The role of realtors and lenders in promoting reverse mortgage awareness.
• 00:58:43 - Closing thoughts and the importance of reverse mortgages in financial planning.

Guest Bio:

Chris Handy is a seasoned reverse mortgage specialist with over two decades of experience. As a certified professional, Chris has dedicated his career to mastering the complexities of reverse mortgages, educating homeowners on the benefits, and serving as a trusted advisor in the field. Based out of Nevada, he serves clients nationwide, offering insights and solutions that address the unique financial challenges faced by today's seniors.

In this enlightening episode of the Texas Real Estate & Finance Podcast, host Mike Mills delves into the dynamic world of real estate and finance with a special focus on "Social Media for Realtors." Mike kicks off the episode with a vibrant greeting to his audience, setting the stage for a comprehensive exploration of mortgage rate buydowns, shifting real estate market trends, the impact of big financial mergers like Capital One and Discover, and the remarkable resilience of first-time homebuyers in a challenging market. Moreover, Mike shares an invaluable blueprint for real estate professionals looking to transform their social media into a powerful tool for lead generation and client engagement. Whether you're a seasoned realtor or just dipping your toes into the vast ocean of real estate social media marketing, this episode packs essential insights and strategies to navigate the current landscape effectively.

Key Takeaways:

1. Mortgage Rate Buydowns: Learn why the popular strategy of mortgage rate buydowns in 2023 might not be as beneficial as many think.
2. Real Estate Market Insights: Understand how the shifting dynamics of the real estate market affect prices and inventory.
3. Capital One and Discover Merger: Discover how the mega merger between Capital One and Discover could impact your wallet and credit card costs.
4. First-Time Homebuyers Success: Uncover the surprising statistics showing the significant presence of first-time homebuyers in the market despite financial hurdles.
5. Social Media for Realtors: Gain actionable strategies to elevate your real estate social media presence, turning likes into leads and followers into clients.

Timestamped Highlights:

• 00:00:08 - Opening remarks on the 2024 real estate outlook.
• 00:00:39 - Emphasizing the importance of social media in real estate.
• 00:02:02 - Analysis on the true value of mortgage rate buydowns.
• 00:04:46 - Updates on real estate market trends and pricing dynamics.
• 00:08:30 - Discussing the sharp increase in income needed for home purchases.
• 00:09:52 - Overview of the Capital One and Discover financial merger.
• 00:12:04 - Highlighting the surge in first-time homebuyer market participation.
• 00:15:06 - Comprehensive guide to leveraging social media for real estate success.
• 00:22:58 - Recommendations for utilizing various social media platforms effectively.
• 00:24:24 - The growing importance of digital-first interactions in real estate.

Resources Mentioned:

• Yahoo Finance: Article on mortgage rate buydowns.
• Altos Research: Real estate market data.
• Housing Wire: Statistics on first-time homebuyers.
• Fortune Magazine: Report on Capital One and Discover merger.
• Resi Club Analytics: Housing affordability study.

Don't forget to follow us on social media and stay tuned for the next episode, where we'll explore reverse mortgages with expert Chris Handy. Whether you're a realtor looking to upgrade your social media strategy or a market enthusiast keen on the latest trends, this episode is packed with valuable insights.

Think you know every trick in the real estate book? Think again. There are Special Loan Products that might just be a chapter that you have been missing. Join us as we explore innovative financing options that can open doors to new opportunities and solutions for your clients.

In our latest adventure on the Texas Real Estate & Finance Podcast, we had the pleasure of sitting down with the wizard of mortgage creativity himself, Morgan Smith. Morgan dove deep into the world of portfolio loans, transition (aka bridge) loans, and the ins and outs of the private lending market. With a knack for breaking down complex topics, Morgan illuminated the paths less traveled in real estate financing, showing us how portfolio loans aren't just financial tools but gateways to innovative investment strategies.

He painted a picture of the private lending landscape, emphasizing the art of crafting win-win scenarios through strategic partnerships between borrowers and lenders. Transition loans, as Morgan elegantly put it, are the Swiss Army knives of real estate—simple, adaptable, and ready for just about any transactional challenge you throw their way.

Moreover, Morgan shared his seasoned insights on fix and flips, the perks of private lending, and how economic currents are shaping today's housing market. This episode isn't just a treasure trove for the seasoned real estate investor; it's a beacon for anyone keen on exploring the dynamic world of flexible loan options. Dive in to arm yourself with knowledge and strategies that could very well redefine your approach to real estate finance.

In this episode, you will be able to:

• Explore the flexibility of portfolio loans to maximize your real estate investment potential.
• Gain insight into the valuable borrower-lender relationships in private lending for portfolio loans.
• Learn how portfolio loans can effectively mitigate asset value risks in the real estate industry.
• Discover how transition bridge loans can help navigate housing market challenges with flexibility.
• Uncover the transparency and benefits of private lending for fix and flips with portfolio loans.

The key moments in this episode are:

00:00:13 - Introduction to Special Loan Products

00:01:15 - The Game-Changing Potential of Portfolio Loans

00:03:29 - Understanding Portfolio Lending

00:09:50 - Signature Transition Loan: A Unique Solution

00:12:42 - Requirements for Transition Loan

00:13:11 - Overcoming Condo Loan Challenges

00:13:57 - Transition Loan vs. Bridge Loan

00:15:10 - Understanding the Loan Calculation

00:16:00 - Benefits of the Transition Loan

00:18:26 - Addressing Income and Equity Challenges

00:25:40 - Bridge Loans and Transparency

00:26:30 - Challenges of Traditional Financing

00:27:40 - Business Purpose Loans

00:28:44 - Fix and Flip Real Estate

00:36:33 - Profit Margins in Real Estate Projects

00:38:35 - Housing Market Trends

00:40:18 - Impact of Demographics on Housing Market

00:43:48 - Types of Loans Offered

00:47:41 - Loan Approval Criteria

00:49:41 - Future of Real Estate Market

00:52:58 - The Challenge of Buying a House in Today's Market

00:54:11 - Economic Impact on Homeownership

00:55:24 - Unpredictability of the Housing Market

01:00:42 - Changing Dynamics of Home Prices and Interest Rates

01:03:16 - Leveraging Partnerships for Survival

Explore the Flexibility of Portfolio Loans

Portfolio loans are a versatile tool offered by private lenders in the real estate industry. They provide flexible and creative alternatives to traditional mortgage products. With portfolio loans, lenders use their capital to fund projects, houses, or buildings, offering solutions tailored to the borrower's unique needs.

Mitigate Asset Value Risks

Private lending typically entails a risk-mitigation approach through careful loan-to-value consideration. Lenders often lend no more than 60-65% of the asset value to safeguard their investment, ensuring potential recovery in case of unexpected circumstances. In portfolio lending, this strategy also reassures borrowers of the lender's confidence in the project's success and their mutual goal of benefiting from the real estate transaction.

Understand Borrower-Lender Relationships

In portfolio lending, a crucial element is building strategic relationships between borrowers and lenders. Unlike traditional lending, portfolio lenders function more as financial partners to borrowers, collaborating to ensure the borrower's success. By cultivating robust relationships, portfolio loans facilitate successful real estate deals benefitting both parties.

• Texas Real Estate and Finance Podcast - Listen to the Texas Real Estate and Finance Podcast for insights and discussions on real estate, finance, and mortgage banking with host Mike Mills.
• Mike Mills Mortgage and Finance - Connect with Mike Mills Mortgage and Finance for mortgage banking services in North Texas. Whether you're a homebuyer or a real estate professional, explore the wizardry behind special loan products and uncover real solutions for your clients' biggest hurdles.
• Transition Loan - Learn more about the Transition Loan, a signature bridge loan that allows homebuyers to buy a new house before selling their old one, removing the contingent offer and providing a competitive edge in the real estate market.
• Fix and Flip Loans - Explore fix and flip loans for renovating properties and turning them into profitable investments. Whether it's a renovation project or a fix and hold strategy, these loans offer the flexibility and support needed for successful real estate ventures.
• Investor Bridge Loans - Consider investor bridge loans for quick financing solutions, especially for off-market properties and time-sensitive opportunities. These loans provide the speed and flexibility required to secure investment properties and capitalize on real estate deals.

Connect with Me Here:

• https://www.linkedin.com/linkedin.com/in/mike-mills-49a09621/
• https://www.youtube.com/youtube.com/@mikemillsmortgage
• https://www.youtube.com/youtube.com/@mikemillsmortgage
• https://www.facebook.com/facebook.com/millsmortgage/
• https://www.twitter.com/twitter.com/mikemillsMTG

Episode Summary:

In the "Market update Feb 27th" episode, we delve into the property tax implications and how they significantly influence mortgage payments, especially in the Texas real estate market. Our host, Mike Mills, guides listeners through a comprehensive analysis of current mortgage interest rates, revealing a trend toward rising rates that could impact homebuyers' affordability. The episode also explores strategies for managing property taxes, insights into FHA's homeowner assistance programs, and Warren Buffett's investment moves, offering a balanced perspective on the financial landscape of real estate.

Key Takeaways:

• Rising Mortgage Rates: A detailed examination of how escalating mortgage rates are shaping the home buying season, with a current trend pushing rates over 7%.
• Property Tax Insights: Practical advice on anticipating and managing property tax increases to avoid unexpected spikes in mortgage payments.
• FHA's Support for Homeowners: An overview of FHA's new initiatives designed to aid struggling homeowners, highlighting the program's benefits and limitations.
• Investment Strategies: Analysis of Warren Buffett's recent financial maneuvers and their implications for the real estate market.
• Real Estate Commission Changes: A critical look at the ongoing debates surrounding real estate commission structures and the potential impact on professionals and consumers alike.

Timestamped Highlights:

• 00:00:54 - Mortgage interest rates and their impact on the market.
• 00:11:28 - Deep dive into property tax implications for new homeowners.
• 00:05:24 - FHA's approach to assisting homeowners in distress.
• 00:07:00 - Insights into Warren Buffett's investment strategy.
• 00:08:36 - Discussion on the Department of Justice's stance on real estate commissions.

Resources Mentioned:

• FHA Payment Supplement Partial Claim Program
• Department of Justice Statement on Real Estate Commissions
• Freddie Mac's Economic Analysis

This episode provides essential insights for anyone involved in or interested in the real estate market, offering expert analysis and practical tips to navigate the complexities of property taxes and mortgage rates.