Originations of both non-agency and conforming jumbo mortgages increased in the second quarter. Combined, they accounted for 16.1% of first-lien originations. Meanwhile, home price appreciation is slowing. (Includes three data tables.)

The Federal Reserve is widely expected to reduce the federal funds rate on Sept. 18. The initial rate cut is already priced in to mortgage rates.

In the long run, mortgage brokers and real estate agents believe the NAR commission settlement will boost business.