Posted To: MND NewsWire

Purchase mortgage originations are expected to hit a new record high of $1.54 trillion next year. That forecast, which would be an increase of 8.5 percent over the projected total in 2020, was made at the Mortgage Bankers Association’s (MBA’s) virtual 2020 Annual Convention and Expo by Mike Fratantoni, Chief Economist and Senior Vice President for Research and Industry Technology; Joel Kan, Associate Vice President of Economic and Industry Forecasting; and Marina Walsh, CMB, Vice President of Industry Analysis. While purchase mortgages will gain ground, the three say that, after a nearly 80 percent jump in refinance activity this year, those originations are predicted to slow next year , decreasing by 46.3 percent to $946 billion. MBA expects that, with record-low mortgage rates driving borrower…(read more)

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Source: Mortgage News Daily