Mortgage rates

A rising — but still small — share of borrowers believe interest rates and housing price appreciation will fall in the next year, according to Fannie Mae.

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

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

The Federal Reserve will soon begin slowing its stimulus program as employment and the U.S. economy continue to rebound, according to Greg Fleming, head of wealth adviser Rockefeller Capital Management.

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.

But median prices still rose 17% year-over-year, the company found.

The average was up from 2.77% last week and the highest since July 15, Freddie Mac said Thursday.

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.