A rise in expected home-purchase lending next year more than offsets an anticipated drop in refinances. This year’s overall outlook improved from the previous forecast.
From Jan. 1, 2017, until the end of this year, 4.2 million loans used to finance the purchase of a single-family residence are expected to be originated for $1.076 trillion.
That turned out to be more than the $1.025 trillion in expected U.S. purchase-money production for this year predicted in the April 2017 forecast.
Source: Mortgage Daily