Mortgages

Decreased availability of bank capital for new commercial construction helped slow activity from the previous nine quarters, according to a new report.

Even though the average for the 30-year fixed loan declined for the second straight week, a buoyant economy will affect future movements, Freddie Mac said.

Purchase-loan activity dropped again to its most subdued level in close to three decades, while refinances saw their smallest numbers in eight months, according to the Mortgage Bankers Association.

The reduction in employment followed a rise in rates this summer, but hiring has generally been stable since spring.

The customers were affected by an incident involving a Progress Software program used by Sovos Compliance.

The government-sponsored enterprises have consistently earmarked some distressed loans for community, nonprofit and minority investors. Certain Democrats want more.

The lender was accused in a recent lawsuit of failing to meet its obligations to underserved borrowers in lieu of wealthy clients.

The company in a court filing suggests it has funds available for its unsecured creditors, led by a private equity firm, major banks and a servicer.

An economic slowdown would deliver lower interest rates but tighter credit standards, while a "soft landing" for the economy wouldn't solve the low inventory problem, a new report said.

While a majority of current forborne borrowers sought relief for reasons related to COVID-19, servicers are seeing a growing share of cases involving natural disasters or personal financial issues, the Mortgage Bankers Association said.