Appraisal volume crept up 2.5% for the week ending Nov. 13, according to HousingWire. That’s after a 1.3% drop the previous week and a 2.9% drop the week before that. And even with the recent uptick, the four-week average is still at -0.1%, according to HousingWire.
The lackluster appraisal numbers are most likely symptomatic of the recent precipitous drop in mortgage applications following a post-election rate spike. The Mortgage Bankers Association reported that for the week ending Nov. 11, mortgage apps dropped 9.2% week over week.
Appraisal volume finally edged up last week after posting weeks of declines, according to a