“After 124 consecutive months of home price increases, it’s no surprise that the percentage of equity rich homes is the highest we’ve ever seen, and that the percentage of seriously underwater loans is the lowest. While home price appreciation appears to be slowing down due to higher interest rates on mortgage loans, it seems likely that homeowners will continue to build on the record amount of equity they have for the rest of 2022.” --Rick Sharga, executive vice president of market intelligence with ATTOM, Irvine, Calif.

A 31-basis-point drop in mortgage interest rates brought home buyers—and refinancers—out of the woodwork last week, the Mortgage Bankers Association reported Wednesday in its Weekly Mortgage Applications Survey for the week ending July 29.