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Refinancing Likely to Top Previous Records.(Brief Article)
The recent decline in mortgage rates to 1958 lows is going to boost refinancings to nearly $2.6 trillion this year, closely matching last year's record for total originations, according to Fannie Mae chief economist David Berson.
For all of 2003, the Fannie Mae economist is predicting the lenders will originate a record $3.7 trillion in 1-4 family loans.
"I don't know if this is as good as it gets, but it's the biggest we have ever seen," Mr. Berson said.
Next year, he is forecasting originations will total $2 trillion as refinancings slow.
Mr. Berson told reporters that the housing and mortgage finance markets are operating at a "stupendous pace" and he has noticed no effect from the news about the management shakeup and accounting problems at Freddie Mac.
"There has been no noticeable impact in the housing market or the mortgage market," the Fannie Mae economist said. "Our borrowing cost relative to Treasuries have gone up a little bit, but not a lot. But all of that continues to be ...
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Source: HighBeam Research, Refinancing Likely to Top Previous Records.(Brief Article)