Housing markets

The average payment fell to $2,140 from $2,167 in June, according to the Mortgage Bankers Association.

Purchases managed a small rise, but refinance activity held steady, according to the Mortgage Bankers Association.

About 85% of U.S. homeowners have interest rates below 6%, while a little over 50% of homeowners have a rate below 4%, Redfin's report said.

While listings are ticking up, house hunters are still struggling to find affordable properties. But thanks to high mortgage rates, there aren't enough buyers in the market to create the level of competition that would drive prices up more significantly.

The top metro saw a 106.9% increase in value of new residential housing units between Q4 2022 and Q4 2023

New-home sales in the U.S. bounced back to the highest level since May 2023 as buyers took advantage of lower mortgage rates and more listings to choose from.

Mortgage fintech Maxwell suggests lenders position themselves closer to consumers as the post-commission changes landscape evolves.

"Despite the modest gain, home sales are still sluggish," said NAR Chief Economist Lawrence Yun in a prepared statement. "But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates."

The Federal Housing Administration's renovation program parameters hadn't been updated in a decade, faling behind similar products from other providers. The Nov. 4 changes will bring it up to speed.

The company is emphasizing wider margins over volume, and leaning into its maturing renovation business.