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New Segments Of Consumers Research Purchase And Refinance Mortgages In Q4 2018

April 3, 2019 Jeff Meola

Though most of the top borrower segments matched the quarter prior, there were several new consumer groups inquiring about mortgages in Q4 2018, according to the Q4 2018 Mortgage Consumer Profile Report, published by Best Rate Referrals. There were two new segments for the purchase market and three new segments for the refinance market.

New Purchase Consumer Segments In Q4 2018

Two new consumer segments were added to the top ten list for the purchase mortgage market. The new segments consist of middle-income, suburban or urban older renters with or without children. These segments replaced segments of older home owners and low-income renters.

New Purchase Consumer Segments In Q4 2018

New Q4 2018 Purchase Segment #1: Middle-Income, Urban, Older Renters Without Children

The first new consumer segment for the purchase market in Q4 2018 had an average household income of $32,238 and an average age of 65. Retirees made up 46% of the consumer segment, and 41% were employed full- or part-time. Their internet usage was average, used mainly for checking weather, reading news and finding recipes. Magazine readership was slightly below average with Ebony, Smithsonian and AARP as the top indexing magazines. Find out more about this segment’s attributes in the Q4 2018 Mortgage Consumer Profile Report, published by Best Rate Referrals.

New Q4 2018 Purchase Segment #2: Middle-Income, Suburban, Older Renters With Children

The second new consumer segment for the purchase market in Q4 2018 had an average household income of $45,841 and an average age of 56. This segment’s social media use was average, and they predominantly use Facebook. Their radio consumption was highest during morning drive times, and they index high for contemporary Christian, easy listening and Spanish radio formats. 31% of this segment is Hispanic, and top indexing magazines included National Geographic en Espanol, Vanidades, Latina and TV y Novelas. Find out more about this segment’s attributes in the Q4 2018 Mortgage Consumer Profile Report, published by Best Rate Referrals.

New Refinance Consumer Segments In Q4 2018

There were three new consumer segments for the refinance mortgage market in Q4 2018. Two of the new segments were affluent and the third was categorized as high-income.

New Q4 2018 Refinance Segment #1: Affluent, Suburban, Younger Home Owners With Children

The first new consumer segment for the refinance market in Q4 2018 had an average household income of $156,610 and an average age of 29. They are well-educated, with 71% holding college degrees or higher. Their internet use was very high, particularly for online shopping and banking. Their TV viewership was slightly below average, and they index high for HGTV and USA Network. They are likely to have very young children and be part of growing families. Find out more about this segment’s attributes in the Q4 2018 Mortgage Consumer Profile Report, published by Best Rate Referrals.

New Q4 2018 Refinance Segment #2: Affluent, Suburban, Middle Aged Home Owners And Renters Without Children

international travel

The second new consumer segment for the refinance market in Q4 2018 had an average household income of $136,102 and an average age of 40. This segment had very high social media use including Facebook, Twitter, Instagram and LinkedIn. They may enjoy watching sports on TV, particularly tennis and basketball, and may also enjoy playing fantasy sports online. This segment is likely to appreciate the finer things in life, including drinking champagne, shopping at high-end retailers, and travelling internationally. Find out more about this segment’s attributes in the Q4 2018 Mortgage Consumer Profile Report, published by Best Rate Referrals.

New Q4 2018 Refinance Segment #3: High-Income, Suburban, Older Home Owners Without Children

The third new consumer segment for the refinance market in Q4 2018 had an average household income of $92,313 and an average age of 60. Their TV viewership was slightly above average, and they index high for NASCAR, HGTV and Extra. They are heavy internet users and are likely to visit travel websites. Find out more about this segment’s attributes in the Q4 2018 Mortgage Consumer Profile Report, published by Best Rate Referrals.

Download The Q4 2018 Mortgage Consumer Profile Report Today

Featuring trends on loan type by region and credit score, home market values, top consumer segments and more, the Q4 2018 Mortgage Consumer Profile Report highlights mortgage market audience trends for the period of January 2017-December 2018, with an emphasis on October-December 2018. Click here to view the mortgage consumer profiles for Q1, Q2 or Q3 of 2018.

Audience segmentation, using Neustar ElementOne data, was utilized to define the top mortgage consumer segments. Audience segmentation is a process that divides an audience file or population into groups (segments) that comprise similar people. Each segment represents a homogenous subgroup with defined, segment-specific characteristics including age, income, media habits, demographics, behaviors, interests and more. Each of the audience profiles included within this report represents a summary of compiled data. It is important to note that mortgage marketers should not stereotype based on this data. Not all members of any consumer segment will match all features highlighted for that segment.

About the Author

Jeff Meola

Jeff Meola is the Consumer Insights & Marketing Analytics Director at Digital Media Solutions (DMS), the fastest-growing independent digital performance marketing company. DMS helps its clients accelerate growth by deploying diversified and data-driven customer acquisition solutions that deliver scalable, sustainable and measurable marketing results. DMS performance marketing solutions connect the right consumers with the right offers at the right time to achieve the marketing objectives of our clients. DMS is continually innovating to provide new and emerging media and technology solutions that minimize waste and maximize results across the most competitive industries. Since its inception, DMS has demonstrated incredible year-over-year growth which has earned recognition on the Inc. 5000 list in 2014, 2015, 2016, 2017 and 2018.

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