And although rates have fallen to 6.49% this week, most experts believe recovery is a long way away. In fact, Jim Egan, Morgan Stanley’s housing strategist, went on CNBC news this week to say that housing activity is “poised to get worse in the year ahead”, noting that house sales have fallen to their lowest level since 2013.

But while the market has shrunk, there are some experts like mortgage veteran Brian McCauley (pictured), who insist the downturn is localized and that there is still much business to be had.

“The housing market in general has experienced a correction because of the recession and inflation, (but) that is really specific to where you live. States like Florida and Texas are doing really well, so they’re able to absorb these corrections much better than cities and states that aren’t,” said McCauley, who is a North Texas-based LO at Fairway independent Mortgage.

Nurturing talent

McCauley, who runs two of the firm’s branches in addition to heading a team that enjoys a large degree of autonomy, believes personal branding is an important component of the business, particularly if you want to stand out from the crowd.

“Most people don’t choose loan officers because of the company, they choose the person, and as I’ve grown over 18 years and developed a team, I want to make sure I shine a light on them as well,” he said.