September 2020 nesto-meter Report

September 22nd 2020 – presented by: Chase Belair, Co-Founder and Principal Broker at nesto

You can download the report below for easy browsing!

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Key takeaways

• August 2020 was the steadiest month for rate volatility since the beginning of the pandemic, with only 4 “best rate” changes compared to 14 in April 2020.
• For the first time this year, in August 2020, our best variable rates changed more often than our best fixed rates.
• August saw the trend of median home price and down payment continue upwards, with the median home price now back to February’s high and the down payment hitting 20% of the total purchase price!
• Early mortgage renewals, where the clients pay a penalty to exit their current contract, have continued to climb in 2020, especially in the month of August.
• August 2020 shows a decrease in long term planned purchases, with a maximum of target date of about 120 days.

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