It is well documented that the past 12 months have brought a great deal of change to a variety of industries. While some industries saw declines, others such as the automobile industry (a topic we wrote about back in October) and the housing market have done incredibly well over the last year.
In terms of the housing market, 2020 saw continued increases in new homeownership compared to years prior.
Mortgages rates reached all-time lows, and many took advantage of the moment to secure loans to purchase homes, while others chose to refinance their current ones to snag lower payments.
Mortgage Rates Since 1975
Low mortgage rates have also been profitable for the lenders as well, with demand for their services soaring. But how do lenders reach these audiences and beat out their competition for business? Successful marketing is key, and every advertising medium will say they are the best option in reaching target, but we at Geopath believe OOH is the most efficient format and have the data to back this up.
According to Geopath Insights, the inventory we measure across the country generates 17 billion weekly impressions for those that currently have a mortgage on their home. For those looking to refinance their mortgage loan in the next 12 months, this OOH inventory generates 1.7 billion target impressions every week, and 1.9 billion weekly impressions for those that have already refinanced their mortgage. While that’s a lot of impressions, how well does OOH resonate with mortgage audiences, compared with other channels?
Well, based on a data from Simmons studies, OOH presents a strong format for reaching audiences with mortgages, with almost 8 in 10 of those currently with a mortgage reporting that they have noticed an OOH ad in the last 30 days, over-indexing by 13%! However, not all mediums have the engagement with this audience. According to this same study by Simmons, 6 in 10 of those with a home mortgage “avoid television commercials,” which is 20% more likely than the total US population!
Want to learn more about mortgage audiences and their relationship with OOH?
The full report on mortgage audiences and their media habits is available to all Geopath members via our geekOUT Library, and can be accessed by logging in with your current Geopath credentials
Click here to access the Geopath geekOUT Library.