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… Do you smell that? It’s the sweet, sweet aroma of rates being in the mid-6s. You can check out all the details below…

THE LEAD

WTF is happening to mortgage rates?

If you’re reading this, it means you survived the market meltdown earlier this week.

ICYMI, late last week we got a handful of concerning economic data points (including a brutal jobs report). On top of all that, the Fed decided against cutting rates last Wednesday.

By Monday fears of recession were spreading quicker than the stank at a hoarder’s apartment. Markets tanked around the world and Treasury rates plummeted.

Ok, so what does it all mean?

Well, for starters… avoid looking at your retirement account.

But on the bright side… mortgage rates have fallen to their lowest level since April 2023 as the likelihood of a 0.5% Fed rate cut in September increased and the 10-year yield fell. You read that right, mortgage rates just hit a 16-month low.

It's hard to tell if there’s more where that came from. But any hints that the Fed is likely to get even more aggressive could put further downward pressure on the 10-year, and, therefore, mortgage rates.

💭 Mr. Pocket Listing says… Before we get too excited about mortgage rates going back down to the 3s, it’s probably good to remember that they aren’t technically linked to the Federal Fund Rate. So when the Fed actually cuts rates next month, mortgage rates probably won’t move.

They more closely follow the 10-year Treasury, which, of course, is reactionary to market pressures.

That means economic data and news that impact the Fed’s decision will have a bigger impact on mortgage rates than actual changes by J-Poww and the Fed. Think: more bad economic data indicates that the Fed needs to get more aggressive with rate cuts to stave off a recession.

WHAT ELSE?

More industry headlines I’m keeping an eye on…

• The financial markets are freaking out. That should be good for mortgages (Read)

• Where home buyers pay the highest and lowest broker fees in the U.S. (Read)

• US Home Prices Increased 4.7% Year-over-year in June as "Prices Cool" (Read)

• Meet the ‘Squatter Hunter’ — Flash Shelton’s wild ride evicting illegal occupants (Read)

• Home valuations are rising faster than incomes. Here’s why that could hurt homeowners’ wallets (Read)

• Housing market ‘will see a lot of refinancing’ as mortgage rates drop, says Mr. Cooper Group CEO (Read)

• Asking Rents Mostly Unchanged Year-over-year (Read)

• Renter Population Grows Three Times Faster Than Homeowner Population (Read)

DIY

Let’s get tactical…

• 5 Key Steps For Running a Successful Rental Business (Read)

• How to deal with fear about buying something? (Read)

• Avoid Costly Repairs: Don’t Ignore the Red Flags in a Property Inspection (Read)

• Historic changes are coming to home buying in August. Here’s what you need to know. (Read)

• I Inherited a House: 5 Ugly Financial Truths Nobody Tells You About (Read)

• At what point do I jump into real estate investing? (Read)

• Investment property loans: How they work and where to find them (Read)

• Homeowners are flocking to HELOCs. Watch out for these pitfalls. (Read)

• Data, Artificial Intelligence (AI), and Machine-Learning Are the Cornerstones of Prosperous Real Estate Portfolios (Read)

• I’m a Self-Made Millionaire: Here’s Why I Rent and Don’t Buy My Home (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) Price Cuts on Homes Reach a 2-Year High: 3 Cities With the Biggest Number of Drops (Read)

(2) Stock Market Turbulence Could Trip Up Home Sales—and These Cities Could Get Hit First (Read)

(3) Top 10 U.S. Housing Markets with the Largest Annual Increase in Equity-Rich Properties in Q2 2024 (Read)

(4) 10 Cities Where Your ‘Dream Home’ Is Affordable, According to Zillow (Read)

SURVEYING

Last week, I asked, “Do you think the NAR settlement will be a net positive OR a net negative for real estate investors?”

Negative won with 53% of the vote.

Here’s today’s question…

We haven’t done this in a bit, so…

Reply to this email and say “LIST.” This tells the email gods that we’re actually friends and helps me land in your inbox.

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One last thing…