Keep calling, and coach the payment, not the headline. When mortgage rates change overnight, I want every agent on my team on the phone, naming what moved without drama, bringing it back to the monthly payment, and giving the buyer one next step. I am Nile Lundgren of The Lundgren Team at SERHANT, and that is how I lead.
On Wednesday, October 14, after a hot inflation report, Treasury.gov had the 10-year Treasury yield closing at 5.19%. Early Thursday, October 15, CNBC reported the 10-year down 9 basis points at 5.099%.
If you are a buyer, it can feel like the ground keeps shifting. If you lead a team, it can feel like every agent on your roster needs a different answer by 9am.
I lead The Lundgren Team at SERHANT, and we work buyers and sellers in New York and Florida. I have learned that the answer to a whiplash morning is not a new strategy. It is the same rhythm we run every day, run on purpose. Here is how I think about it, and the checklist we keep on the wall.
Why does a rate scare make teams stop calling?
Because fear is loud and the next data print always looks like a reason to wait. The thinking goes: inflation ran hot, so freeze the pipeline until things settle.
The problem is that things rarely settle on a schedule. By Thursday morning, the 10-year had already moved lower. A team that went quiet Wednesday afternoon lost a day of conversations while the market kept moving.
I wrote about this before in how real estate agents get business when rates are high. The short version is that volatility is the job. Clients need us most on the days the headlines are loudest, so those are the days I want my team on the phone.
Do mortgage rates follow the headlines or the bond market?
Mortgage rates tend to follow the bond market, not the headline. That is the single most useful thing a buyer can understand on a day like this.
Mortgage News Daily's average was 7.45% on Wednesday, October 14. On Thursday morning, its daily trend note said mortgage-backed securities showed strong upward movement that should result in lower mortgage rates for the day. That is a direction, not a new number, and I coach my agents to say it exactly that way.
This is opinion and coaching, not lending advice. Every buyer should get their actual numbers from their lender.
What does a team call cadence look like on a whiplash day?
This is the part I care about most. Here is the rhythm, in order.
- The prospecting block stays on the calendar. The time we protect for outreach does not move because the market moved. If anything, a noisy day gives every agent a real reason to call.
- The buyer coaching call happens before lunch. Each agent reaches their active buyers with one clear message: here is what moved, here is what it might mean for your payment, and here is what we do next.
- The script changes from price to payment. On a day like this, I want every agent talking about the monthly payment a buyer can live with, not the headline rate.
- Lock readiness gets checked. Is the buyer's lender ready to move if pricing improves? If the paperwork is not current, that is the first task of the day.
- The leader pipeline review happens the same day. I want to know which buyers are ready, which are waiting, and why. A waiting buyer needs a plan, not silence.
That is the whole system. It is simple on purpose, because simple is what holds up when everyone is anxious.
How should agents coach buyers through rate volatility?
I coach my team to do three things in every buyer conversation.
First, name what happened without drama. Rates moved, the bond market moved, and published averages often lag. Then stop talking about the news.
Second, bring it back to the payment. A buyer who knows the monthly number they are comfortable with is in control, whatever the averages say this week.
Third, give one next step. Call your lender today. Update your preapproval. Book the showing for Saturday. A buyer who leaves the call with one action feels steady.
There is a signal in the data worth sharing with buyers too. The Mortgage Bankers Association reported on October 14 that for the week ending October 9, purchase applications fell 4%, the 30-year fixed contract rate in its survey reached 7.50%, the highest since November 2023, and the adjustable-rate share of applications rose to 10.5%. You can read the full MBA survey. To me, that says buyers are working hard to make a payment fit, and good coaching helps them do it with their eyes open.
I made the case in waiting is not a plan, and I still believe it. Waiting can be a fine decision. Waiting with no plan is the thing I want my team to talk buyers out of.
What should sellers take from a week like this?
Sellers should read the same data as a reminder that buyers are stretching for the monthly payment. Price and concessions still have to meet buyers where they are. When rates ease, even a little, the sellers who are already priced right are the ones who get the calls.
How does a NY and Florida team keep one rhythm across two markets?
We run one cadence for the whole team, whether the buyer is looking in Manhattan or in South Florida. The calendar, the call order and the pipeline review look the same. What changes is the local detail each agent brings to the conversation.
I find that one shared rhythm is what keeps a dual-market team calm. Nobody has to guess what the day looks like when the market gets loud. If you want to see how I think about coaching clients on big data days, I wrote about client coaching on Fed day too.
Frequently asked questions
Should buyers wait for rates to drop before calling an agent?
I would not wait to call. A conversation costs nothing, and it helps you know your payment, your lender's readiness and your options before the market moves again.
Is the 10-year Treasury yield the same as a mortgage rate?
No. They are different numbers. Mortgage rates tend to move in the same direction as the 10-year over time, but they are separate series and should not be compared as if they were the same.
What is the most important thing a team leader can do on a volatile rate day?
Keep the calendar. Protect the prospecting block, get the buyer coaching calls done early, and review the pipeline the same day.
Work with The Lundgren Team at SERHANT
If you are buying or selling in New York or Florida and want a team that stays on the phone when the market gets loud, I would love to talk. Reach out through nilelundgren.com and my team and I will help you build a plan around your payment, not the headline.
