Originations

Applications were up 9% compared to July’s total, while the average price for newly built houses hit a record.

COVID-19 concerns, inflation hold back actions that might change current patterns.

The pandemic, a refinancing boom and intensified appraiser shortage boosted appraisal alternatives in line with the rise in remote work. Now an overheating purchase market and policymaker scrutiny are shifting priorities.

Effects of major economic announcements this summer have had little impact on the lending market, with averages remaining under 3% since July.

The 30-year average has remained below 3% for two months.

None of the leading areas ranked by investor share of sales were in the Golden State during 2020, in contrast to the state’s dominance on the list in the wake of the Great Recession.

Increasing COVID-19 numbers offset promising economic figures, resulting in minimal changes.

Refinancing, high home prices, the concentration of pandemic-related hardships in the FHA market, and the lingering impact of last year’s market disruption all likely played a role in the intensified discrepancy.

Meanwhile, investors await word from the central bank regarding monetary policy, as limited housing supply continues to drive prices upward.

But average loan sizes remain near record highs, with summer purchases of new constructions continuing to drive up prices.