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MBA Also Raises '03 Estimate.(Brief Article)
The Mortgage Bankers Association of America has announced that, thanks to falling interest rates, it is now forecasting that mortgage originations will total $3.3 trillion this year, far exceeding the record of $2.5 trillion set in 2002.
In its latest Mortgage Finance Forecast, the MBA estimated that 68% of the $3.3 trillion in loans will be refinancings. The total volume of mortgages for home purchases is expected to reach $1.07 trillion by the end of the year, up 5% from $1.02 trillion in 2002. "Part of the increase in the volume is due to higher home prices and average mortgage amounts, but in addition, about 6.8 million single-family units are expected to be sold this year, a 3.5% increase over ...
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Source: HighBeam Research, MBA Also Raises '03 Estimate.(Brief Article)