Mortgages

Rising property values continue to buffer mortgagors against negative equity situations, Corelogic said.

Apartment buildings, which make up about 40% of the looming maturities, are at the center of the refinancing wave. Many U.S. owners bought their properties using three-year floating rate loans during the easy money era.

The 30-year fixed rate mortgage fell week-to-week by the largest amount since the start of August and are now almost a percentage point lower than a year ago, according to Freddie Mac.

The bank has brought in mortgage industry veteran Ken Logan as senior managing director to oversee a broader range of financing it's offering to home lenders.

Steady purchase demand still led to a positive August according to the Mortgage Bankers Association.

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

Purchases managed a small rise, but refinance activity held steady, according to the Mortgage Bankers Association.

About 85% of U.S. homeowners have interest rates below 6%, while a little over 50% of homeowners have a rate below 4%, Redfin's report said.

The interagency Property Appraisal and Valuation Equity initiative, which was tasked by the Biden administration with rooting out bias in home valuations, appears to have run its course. But experts say it could be years before the group's efforts bear fruit.

Vice President Kamala Harris' pledge to deliver 3 million homes has drawn applause from homebuilders, lenders and affordability advocates, but experts are uncertain how her administration would pull it off.