So is it just me, or does all the talk about a refi boom not seem to be translating to new appraisal requests? I'd love to hear from appraisers as to how busy they are right now.
I recently read the article in today's headlines about historically low mortgage rates. The article reported:
The Primary Mortgage Market Survey recorded the tenth consecutive week of mortgage rate declines and the 30-year fixed-rate mortgage (FRM) established yet another record low of 5.01 percent with 0.6 point compared to 5.10 percent with 0.7 point for the last week of 2008.
This establishes another benchmark low for the Freddie Mac survey which has been tracking interest rates since 1971.
The 15-year FRM dropped 21 basis points to 4.62 percent, the lowest rate since June 13, 2003 when the rate was 4.60 percent. Fees and points both this week and last were 0.7 point.
Yet, my workload is still chuck full of REO and portfolio analysis. Could it be that refis with the same company are not even requiring a new appraisal?
Would the current lender figure "we already have this loan on the books and are liable for it....why not "refi" the customer to a lower rate and get some fees....but why would we need a new appraisal? Have the values gone UP since our last one?"
Perhaps with all the talk of a refi boom - it is more of a boom for the lenders and not so much for the appraisers out here?
Make it a productive day
AUTHOR: Richard D Ferris - AmcAppraisalsinc.com
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Richard D. Ferris Residential Appraisals in Lake, Orange, Osceola, Polk, and Seminole Counties. Also servicing Deltona, Deland, and Orange City in Volusia County. Florida State Certified Residential Appraiser #RD4088 FHA Certified : Associate Member Appraisal Institute |
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