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Prepay Surge Keeps on Going.(mortgage loans)(Brief Article)
As Yogi Berra would say, it feels like deja vu all over again.
Mortgage rates have fallen to a record low (5.98% in the week ending October 11, according to Freddie Mac); refinancing accounts for more than two-thirds of loan applications; and annual mortgage lending volume appears to be on course to shatter records and far exceed beginning of the year forecasts.
But it's not the fall of 2001 this time, it's 2002. One stock analyst with U.S. Bancorp recently estimated that annual lending volume will hit $2.4 trillion this year, astounding even by the standards of 2001's $2 trillion record.
Freddie Mac recently raised its forecast for loan origination volume this year to $2.2 trillion, which would be a 5.6% increase from last year's record. Refinancing will account for 58% of this year's lending activity, according to Freddie Mac's economists.
But there are ...
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