Welcome to the Pocket List, investors 👋

Let’s make some money today, shall we?

First, let’s check in on mortgage rates…

The 411 on rates… Rates began to tick back up after plummeting last week. All eyes will be on Jackson Hole today, where Fed Chair Jay Powell will provide some commentary on the economy.

THE LEAD

Is it time for real estate investors to refi?

You guys probably aren’t going to like this answer, but… it depends.

Mortgage rates fell to the mid-6’s last week, and refinancing “surged.” I put that in quotes because it’s easy for a number to double when it was almost zero the week prior. But it makes for good headlines, isn’t that right, CNBC?

Still, refinancing just became much more interesting than it has been in years. Especially if you fall into one of the following buckets:

• Will it help you eliminate private mortgage insurance?

• Can you get out from under an adjustable loan that has you bent over and is having its way with you?

• Are you considering pulling cash out to buy new properties?

Of course, none of that really matters unless you can save money by refinancing. One good place to start is having a look a mortgage refinancing calculator (I like Bankrates).

Others prefer the “2% rule.” The general idea is that if you can refinance into a new mortgage that’s 2% lower than your current rate, it might be worth kicking the tires. In many cases, that will cover the costs of refinance and do so in a reasonable time frame.

💭 Mr. Pocket Listing says… Let’s not get ahead of ourselves, you guys. Unless you’re really in a bad spot, mortgage rates falling 0.5% probably doesn’t even warrant considering a refinancing.

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WHAT ELSE?

More industry headlines I’m keeping an eye on…

• No ’horror stories’ from agents on the first weekend of NAR settlement changes (Read)

• Does the President Have An Impact on Housing? Here’s What 30 Years of Data Says. (Read)

• A record 60,000 home buyers backed out of deals in July. Here’s why. (Read)

• Lower rates are always better for housing in general, says UBS’s John Lovallo (Watch)

• The latest housing starts data is mostly bad news (Read)

• Lower commission rates would damage profitability for brokerages: AccountTech (Read)

• One-third of home builders are slashing prices as confidence in the market falls to 8-month low (Read)

• Bye-bye, DIYs: Lowe’s and Home Depot say people are putting off home-renovation projects (Read)

• The Six-Figure Amount People Need To Comfortably Afford a Typical US House (Read)

DIY

Let’s get tactical…

• How to work more effectively with vendors and affiliates (Read)

• Should I get a rental property if I can grow my money “faster” in stocks? (Read)

• Investors: Make Sure to Capitalize On “Resolutions of Unacceptable Conditions” (Read)

• US Home Prices Are Higher Than Ever: 4 Reasons You Should Wait Until 2025 To Consider Buying a House (Read)

• What have you added to your lease due to experience? (Read)

• Keller Williams launches resource guide for agents to navigate NAR settlement (Read)

• It’s Never Too Early (or Late) to Build a Team of Deal Finders. Here’s How To. (Read)

Mr. Pocket Listing’s favorite property of the week (a guy can dream, can’t he?)…

PROPERTY TOUR

It’s time to get a pulse on markets around the country…

(1) Investors are quietly scooping up 1 in every 6 single-family homes in these cities (Read)

(2) July 2024 Rental Report: Renting a Starter Home Continues To Be a More Affordable Option Than Buying One in All 50 metros (Read)

(3) 6 Best Rental Markets for Vacation Homes in the South (Read)

(4) 13 Cities With Average Price Cuts of $50K or More on Listings (Read)

SURVEYING

Here’s today’s question…

One last time…

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