Appraisal volume significantly tumbled after last week’s slight rise, plummeting 29.2% from last week, the latest data from a la mode, an appraisal forms software company that tracks appraisal volume throughout the country, said.
Appraisal volume marginally increased 1.9% last week.
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(Source: a la mode)
“For the week of Nov. 22, the Nation Appraisal Volume Index dropped 29.2% from the previous week due to the holiday when appraisers take Thursday and possibly Friday off,” said Kevin Golden, director of analytics.
As a result, Golden said, “This apparently dramatic drop is not something to be concerned about, in fact it is less than the average drop of 30.6% for the Thanksgiving Day week. The better than average drop in the NAVI may be due to lower interest rates softening the seasonal slow down.”
According to the latest Freddie Mac Primary Mortgage Market Survey, mortgage rates reported little change for the week, with the average 30-year fixed mortgage rate staying just barely below 4%.