Mortgage rates

Foreign investment helped offset a slowing domestic recovery, causing few ripples for the week, but economists expect future taper of bond purchases to lead to upward movement.

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

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.

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

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.

An equal split of refinance and purchase rate locks occurred during July, helped by elimination of the adverse market fee, Black Knight said.

Tight inventory and heightened competition kept prime purchasers at bay as property values continued their summer surge, according to Fannie Mae.

Such applications have declined on an annual basis for the past three months, but overall weekly numbers increased due to a jump in refinances amid plummeting rates.