💸 Half Baked

Issue 83 - Good Morning and Happy Tuesday.

We're back to our 10 a.m. send time. I tried something new: I fired last week's newsletter out at 7 a.m., and many people missed it. That was on me, lol.

It was a pretty quiet weekend. I enjoyed the weather cooling down a bit. I took the boys and did a short hike out at Crane Creek Park. I wanted to start teaching them how to use a 🗺️ map and 🧭 compass… even though I basically failed land navigation in Combat Training 🤷. They had fun.

This week's issue: I'm hammering home that RATE CUTS do not necessarily mean mortgage rate cuts. I hope I am wrong, but don’t expect massive downward movement in September.

Details on joining the exclusive Monday Morning 💸 Sneak Peek list are above today’s rates.

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🪖See you in the trenches

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INTEREST RATES
Rates 📢 July 30th, 2024

Rate data as of morning of publication. Unless noted otherwise, all scenarios are assuming 30 Year-Fixed mortgage, Purchase or R/T Refinance. No origination points charged, 780 FICO score, and 20% down payment. Provided for consumer education only and does not serve as a binding offer to extend lending. Payment period, interest rate, APR, and other terms subject to income, asset, and credit profile qualification. Provided courtesy of GTG Financial, Inc. NMLS 1595076. Equal housing opportunity. www.nmlsconsumeraccess.org

• Rate Markets: The PCE report on Friday came in as expected (inflation dropped from 2.6% to 2.5%). Movements continue as July Fed meetings start this week. Watch for the Fed press conference on Wednesday and what language they use about September rate cuts.

• Bottom Line: Word is spreading about rate cuts. As mentioned last week, check out this article about the risk of Waiting Until September.

CLIENT ADVICE
Markets Likely Baking In The Cut

The movement we have seen over the last 8-9 weeks has already baked in the September cut. Once it became clear that it would likely happen, markets reacted. This could be a huge build-up to a mortgage consumer letdown.

Read the full article here…

TECHNICALS
Stay On Target

Everything is lining up for that magical rate cut come September. But when we look back on this, will we realize we are in the middle of the cut right now? At least on the mortgage side of things.

📰 Last Week's Headlines:

• 📉 Inflation Readings Keep Fed on Track for September Rate Cut

• 🏠 Existing Home Sales Decline, Inventory Ticks Higher

• 🚧 New Home Sales Hit 7-Month Low

• 📈 Second Quarter GDP Stronger Than Forecasted

• 📉 Jobless Claims Improve but Remain Elevated

Read the full article here…

EVENT
August Appraisal Rundown

Join Us for an Exclusive Training Session!

We are thrilled to host an exclusive event at our office featuring a special guest speaker, Rob Roldan, a VP from Class Valuation, a leading Appraisal Management Company (AMC). This is a must-attend session for Realtors looking to enhance their appraisal knowledge and skills.

Key Topics Covered:

🔹 Challenging Property Value: Dos and Don'ts

• Learn effective strategies to contest property appraisals confidently and correctly.

🔹 What Appraisers Want: Insights for Listing and Buyers Agents

• Discover what appraisers expect from you to ensure smooth and accurate appraisals.

🔹 Navigating Tax Records vs. Actual Property Details

• Gain expertise in handling discrepancies in bed and bath counts between tax records and actual properties.

🔹 Common Misconceptions: Avoiding Pitfalls with AMCs

• Uncover the common mistakes that can lead to trouble with AMCs and how to avoid them.

🔹 FHA/VA Appraisals: Key Watchouts

• Learn the critical elements to monitor in FHA/VA appraisals to prevent issues.

Why Attend?

• Gain Valuable Insights: Directly from a top industry professional.

• Network with Peers: Connect with fellow Realtors and expand your professional network.

• Enhance Your Skills: Improve your appraisal knowledge to better serve your clients.

• Free Food: You read that right.

Event Details:

• Date: Thursday, August 29th

• Time: 1:00 PM

• Location: 1421 Guerneville Road, Suite 100. Santa Rosa, CA 95403

Reserve Your Spot Today!

Spaces are limited, and we expect high demand. Don’t miss out on this opportunity to learn from one of the best in the industry. Sign up now to secure your spot!