Have you ever had a tree removed? It’s not a $10 thing.
Last weekend, I had my chainsaw tuned up and bought a couple of new blades. I have cut many a tree and many a piece of firewood in my day.
Here is the rub with this tree. The window to lay it down is tight. Tighter than I would like. My fence is on the right, and the deck is on the left. Not a lot of wiggle room there.
We have talked many times about my lack of handiness, if that is a word. I don’t want this to turn into one of those situations where I try it myself and then have to pay someone to clean up the mess.
Been there, done that a few times.
I also don’t want to pay someone to take it down.
Decision forthcoming. Leaning toward doing it myself today.
Wish me luck, just in case. 😊
Appraisal Update*
Quick update on appraisals.
Effective November 2, the home appraisal format is changing. The new format will replace multiple legacy static forms with one adaptable report that expands or contracts based on the characteristics of the property.
So, what do we need to know?
Typically, with any change in the industry, there are concerns about potential impacts, and often those concerns turn out to be unwarranted. The industry evolves, everyone adjusts, and eventually the new process becomes normal.
From a 10,000-foot view, here is what I would say.
At least early on, I could see appraisals taking a little longer to deliver as appraisers become accustomed to the new format and technology. I could also see appraisal costs increasing given the changes and the potential for additional work and time requirements.
It is still too early to know exactly what the impact will be, but I wanted to mention it since we are now about two months away from the mandatory requirement.
Market Notes
More of the same this week relative to the market.
Some mortgage programs remained stable, while others ended the week about 0.125% higher.
We mentioned last week that the non-farm payroll, or jobs, report would be a key influence on mortgage rates. The number of jobs created during the month came in notably higher than expected, beating forecasts by almost 100,000 jobs.
That hotter-than-expected number was offset to some degree by comments from a Fed Governor who indicated he would be willing to keep short-term rates steady if inflation data continues to show progress toward the Fed’s 2% target.
One of the reasons long-term mortgage rates have moved higher recently is that economic data has generally remained positive while inflation continues to be sticky.
If the market believes the Fed’s next move will be a rate hike, mortgage rates tend to rise. If expectations shift in the other direction, mortgage rates tend to benefit.
Looking Ahead
So, where does that leave us?
This week becomes even more important.
The market will be watching closely as we get our August wholesale inflation reading on Thursday, followed by the very important August consumer inflation reading on Friday.
Here’s hoping for a decent August reading from both!
Hope you enjoyed the long holiday weekend. It is hard to believe the end of summer is already here. I was shopping at Wegmans last week, and the fall flowers and smells are already out.
The holiday season is just around the corner.
As always, please feel free to call with any mortgage related questions or needs. And we are always happy to help with a quick preapproval.
Best wishes!
-Steve-
*All loans are subject to credit approval and program guidelines.