September 2021 nesto-meter Report

September 7th 2021 – 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

• In August 2021, we saw 3 times less volatility than what was recorded a year ago, in August 2020, with no rate changes at all for the past 4 weeks.
• In August 2021, we saw a continued interest increase for new purchases while refinances have been trending downwards since February 2021.
• The percentage of our users “ready to buy” is decreasing again in August 2021, while lots of them seem to have fallen into the “just looking” category in the last months.
• In the last 4 months, we’ve noticed a strong, steady decrease in our median down payment percentage, while house prices still remain very high.
• The percentage of our nesto users interested in buying a condo still hasn’t quite reached pre-pandemic levels, but has remained fairly stable for the past 8 months.
• Comparing 2020 to 2021 month by month, we see that the proportion of our users using a “gift” as a down payment is higher for each month and keeps increasing.
• For the majority of our users, gifts are mostly used to reach 20% down payment thus, avoiding mortgage insurance payments.

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