Posted To: MND NewsWire
The Mortgage Bankers Association (MBA) is predicting a banner year for purchase mortgage originations. The Association’s chief economist and senior vice president Mike Fratantoni told attendees at MBA’s Spring Conference and Expo that those originations are on track to grow 16.4 percent this year, setting a probable new record at $1.67 trillion. Refinancing will, however, drag overall origination volume down from last year’s record $3.83 trillion to $3.28 trillion, a 14 percent decline. That would still be the third highest volume ever. “The housing market is incredibly strong this year, with robust housing demand in nearly every part of the country, driven by the improving economy, households seeking more indoor and outdoor space, millennials reaching their prime homebuying years, and still…(read more)
