Mortgage rates

Purchase loans also increase, as their average size shrinks

Boosts in purchases and cash-out refinances drove the summer turnaround, according to Black Knight.

Still, the average time a property is on the market is at an all-time low, with more than half going into contract within two weeks.

With talk of an overheating economy abating, economists see few signals that would indicate near-term rate spikes.

But some local markets in the Midwest and oil regions are seeing a lag compared to nationwide annual gains, Veros Real Estate Solutions found.

The dynamic between housing market players diverged to an even greater degree amid intense demand and surging home prices, according to Fannie Mae.

Government-sponsored loans gain volume share, but overall numbers tumble to a point not seen since before the pandemic.

Markets react calmly to inflationary worries, but short supply and rising home prices loom as a greater concern.

Limited housing supply, climbing rates cause applications to decline across the board.

While purchasing power grew for the 16th straight month in April, surging property values and increased mortgage rate forecasts will keep driving down affordability, according to First American.