Mortgage payments drop in August

Plus: Google real estate partner HouseCanary files for bankruptcy

September 25, 2026

👋 Welcome back to Mortgage Nuggets! We scour 100+ sources so you don’t have to. Today's newsletter is 866 words, a 3-minute read, let’s dive in…

Disclaimer: Average mortgage rates as of September 24, 2026. © MND Daily Rate Index.

1. Mortgage payments drop in August

The median monthly mortgage payment for purchase applicants fell to $2,162 in August, down from $2,175 in July, according to the Mortgage Bankers Association. The Purchase Applications Payment Index (PAPI) also fell 0.6% to 154.3, down from 155.2 in July.

Year over year, household earnings rose 4.1%, outpacing the 2.9% increase in mortgage payments and pushing the PAPI down 1.1%. The median payment for borrowers at the 25th percentile fell to $1,492, down from $1,512 in July.

FHA borrowers saw their median payment fall to $1,856, while conventional borrowers saw payments rise to $2,188. Conditions remain challenging, with 27 states recording declines in August.

2. PLACE acquires mortgage fintech Maxwell

PLACE has acquired mortgage technology provider Maxwell, adding mortgage origination and fulfillment technology to its real estate platform. Maxwell serves 400+ financial institutions and supports over $130 billion in annual mortgage transactions, with its technology touching nearly 10% of U.S. mortgage originations in 2025.

Maxwell will continue operating independently under CEO John Paasonen, with more than 100 employees joining PLACE. Its platform includes point-of-sale, business intelligence, fulfillment, diligence and private-label origination tools, giving PLACE a direct technology offering for mortgage lenders, banks and credit unions.

The deal follows PLACE's August acquisition of Radian Group's real estate services business and a pending deal for Radian's title operations, expected to close in the fourth quarter. Financial terms were not disclosed.

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3. More Nuggets

🔄 Repeat buyers made up nearly 60% of VA purchase loans in fiscal 2025. (NMP)

🚨 NFM Lending sued over alleged failure to protect borrower data. (HousingWire)

🚀 Compass.com redesign highlights coming-soon listings. (Compass)

🤝 Uplist partners with Arcasa to show zero-down payment options on listings. (HousingWire)

🚨 Coach’s Corner

A tough market can make you question everything.

Your strategy. Your business. Even whether you’re headed in the right direction.

As a fellow Loan Officer, I get it.

Before you change course, tune in.

You may just need to Stay on the Path.

— Dave Krichmar CEO

4. New home sales rebound to an 8-month high in August

New home sales rose 6.4% in August to a seasonally adjusted annual rate of 684,000 — the highest level since December 2025, according to the Census Bureau data.

Other key takeaways:

  • Inventory held steady at 483,000 new homes, down 2% year over year, leaving an elevated 8.5-month supply.

  • Just over a quarter of that inventory (112,000 homes) is completed and ready to move into; homes under construction make up 54%, with the rest not yet started.

  • The median new-home price was $393,700, up 0.4% from July but down 5.8% year over year.

  • The Midwest led with an 84.9% monthly sales jump (and a 22.5% annual gain), while the South rose 6.9% monthly and 3.4% annually. The Northeast and West both fell sharply — down 36.1% and 15.2% month over month, and 20.7% and 26.8% year over year, respectively.

5. HouseCanary gets court approval to continue operations

HouseCanary received first-day court approval in its Chapter 11 bankruptcy, allowing the company to continue operating while it restructures. The filing followed a default on a $30 million loan and a lender’s efforts to seize company assets.

The court also approved debtor-in-possession financing to provide additional liquidity for customer programs, employee obligations and day-to-day operations. HouseCanary says its products, data services and customer support will continue without interruption.

HouseCanary is also pursuing potentially $175 million from Rocket Close, Rocket Companies’ title business, tied to a March 2026 jury award in a long-running trade-secret dispute. Rocket disputes the claim and plans to appeal if a judgment is entered.

The bankruptcy could also affect Google’s national home-listings program, which launched in June and is powered by HouseCanary technology and data.

☀️ You’re all caught up. See you on Monday!

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