Idaho broker makes plea for something to happen to get the market rolling
The continued elevation of mortgage rates has left brokers and customers frustrated. Economic turmoil, combined with the Federal Reserve’s decision to hold rates for the fifth straight meeting, means higher rates are likely to hang around.
Julie Harris, broker owner of Harris Mortgages of Idaho, said the elevated rates leave everyone waiting for something to happen.
“Rates are a challenge, and people don’t want to move right now because they don’t want to give up their 2.99%,” Harris told Mortgage Professional America. “At the same time, they’ve got all this equity in the house and then comes the credit cards. Everyone’s waiting for rates to shift.”
As every broker knows, worrying about rates is largely a waste of energy because there isn’t anything they can do about them.
“We don’t get to control rates,” Harris said. “We don’t get to control FICO score, or how fast the house sells. The market’s not moving at all. I’ve got one in northern Idaho that’s a beautiful house, and they can’t sell it. I had one in Arizona, too. It adds an additional complexity to the loans right now.”
Fed frustration
Even though rate cuts or increases by the Federal Reserve don’t immediately correlate with changes in mortgage rates, Harris thinks even a small cut by the Fed could change the perception of rates, which could get the market moving.
“It’s hurry up and wait,” she said. “We are just hopeful it will shake loose. And the Fed not doing anything until September, that’s hard. Give us a quarter and see what happens. That’s the confidence that moves people. Then there’s hope that it’s not going to go the other way. That’s when people are going to step out. Otherwise, they’re going to wait.”
She discourages waiting if possible, as rate drops will also come with increased competition for houses. Some buyers are using things like buydowns to try to act now.
“One of the things with new buyers is that if you’re waiting until rates drop, you and everybody else are going to go out shopping. If you can get in now with a temporary solution, like doing a temporary rate buydown and getting creative so that people can get in, and they can start building equity.
“But then it’s the asterisk, ‘When rates come down.’ Well, what if rates don’t come down?”
Harris believes that if the Fed cuts rates, it would change the perception of where the market is, even if rates don’t immediately come down.
“I think it definitely would help the confidence, and a quarter is not going to hurt anything tremendously,” Harris said. “Why not see if that would help start moving the confidence. Otherwise, no one's doing anything because they're waiting for when the Fed drops rates. It is a unique tension right now.”
The Federal Reserve is widely expected to hold interest rates steady at its July FOMC meeting, despite external pressure. However, a rate cut might not automatically translate to lower mortgage rates, warns Sam Williamson, First American.https://t.co/GCoC0eg313
— Mortgage Professional America Magazine (@MPAMagazineUS) July 29, 2025
She cited UWM president and CEO Mat Ishbia as a voice advocating for lower rates and trying to boost the confidence of both brokers and customers.
“That's why I love UWM so much, is that Mat is just out there every second of the day making our lives better,” she said. “And there's a million other great companies, don't get me wrong. There are so many good mortgage brokers and wholesale lenders. But he gets it, and it feels good to be supported.
“Because, when you're out in the field and you're crushing it and making money, it's great. But when you're out in the field and nothing's happening, it can be really overwhelming.”
Finding consistency
Harris, who began in the mortgage industry in 1997, said if she were going to provide some advice for new mortgage brokers, she believes a consistent routine is a huge help in keeping a consistent mindset.
“If I were to talk to a brand new loan officer today, and they asked for suggestions, I would say one is consistency,” Harris said. “Every morning, I start with reading this job report. Every morning, I check on these things before I do anything else. You know, just really having consistency. Sometimes I'll have no deals going, and I feel like I'm working my tail off, yet I have nothing to show for it.
“But then, when things get moving, I don't know if the difference is you're so excited that you don't care how much harder it is, but I find that right now it's just as stressful whether you have a lot or you don't. Then when you get it, it may fall through.”
Harris has known the real estate business from an early age, as both of her parents were realtors. In a challenging market like this one, she leans on advice she got from them at an early age.
“My dad always said, even in the worst market, somebody is always moving,” she said. “You just have to work harder to find another opportunity.”
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