Widespread downgrades not forecast, as companies have buffers
Refinancing activity driving rise in originations, as pandemic era echoes
Soft job market, slowing population growth, to weigh on GDP
Borrowers took advantage of reduced volatility, lower rates to refinance debt
Certain delinquency rates rising, but credit losses look manageable
Unemployment key to credit quality, lenders' bottom lines
Prices remain well below 2022 peak, but affordability varies
Higher mortgage rates will be a drag on consumers, but economy can take it
A weaker labour market and economic prospects leads to downgrade
Policymakers must address construction sector's bureaucratic burden