Economy

The sale of the $318 million-asset portfolio comes five weeks after the Greenville, South Carolina-based company agreed to sell its investment advisory unit.

Recent rate movements have failed to result in significant purchase growth, but refinances are providing lenders some lift.

The 30-year fixed rate mortgage is lingering just shy of 6.5% level, which is not low enough to bring home purchasers back into the market, observers said.

Vice President Kamala Harris outlined a raft of populist economic proposals in her first major economic speech since securing the Democratic presidential nomination, including some aimed at lowering housing costs and boosting supply.

While the total dollar volume of apartment originations fell last year, the number of companies making loans increased from 2022, the Mortgage Bankers Association said.

Retail properties account for the largest portion, at 23.5%, according to KBRA. Lodging follows, with 22.1% of the pool.

Nearly two-thirds of consumers in a July survey said they expect mortgage rates to decline soon, but most want to see them cross a very specific threshold before they act, Mphasis Digital Risk found.

Democrats Ritchie Torres and Gregory Meeks called on the New York Home Loan bank to follow the lead of its peers and use alternative credit scoring models for collateral to improve consumers' access to homeownership.

The parent company of Fulton Bank announced the creation of three new management roles and promoted existing employees into those jobs. The changes follow the recent hiring of an outsider to be CFO.

Market turmoil is driving the 10-year Treasury yield downward and taking mortgage rates with it, putting more borrowers in the money to refinance, Intercontinental Exchange said.