The Mortgage Bankers Association (MBA) recently voiced their opinion that the U.S. Federal Reserve will not likely raise interest rates through at least 2024. In doing so, the mortgage industry of 2024 may be similar to 2014 when interest rates were at a much lower level than they are now. This prediction can be seen as good news for both lenders and borrowers.
The MBA also noted that the growth rate for mortgage originations can most likely be expected to be relatively close to 2014 levels when the market share of both refinance and purchase originations were approximately equal. The reversion of mortgage rates to pre-2015 levels may also help strengthen the market.
Main Points:
– The MBA predicts that the Federal Reserve will not raise interest rates through 2024.
– The growth rate of mortgage originations in 2024 could be close to 2014 levels.
– The market share of refinance and purchase originations is approximately equal in 2014.
– Lower mortgage rates could help strengthen the market in the future.
You can read this full article at: https://www.housingwire.com/articles/mortgage-origination-market-will-improve-by-19-next-year-mba/(subscription required)
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