The Mortgage Bankers Association (MBA) has adjusted its forecast for mortgage rates, now projecting a year-end rate of 6.4%, a significant increase of 50 basis points from its previous forecast in October. This jump in rates reflects ongoing economic uncertainties and inflationary pressures that are impacting the mortgage market.
Key points:
– MBA anticipates mortgage rates to climb to 6.4% by the end of the year
– This represents a notable increase from the previous forecast
– Economic uncertainties and inflationary pressures are driving this rise in rates
– Forecasted origination volume has also decreased by $200 billion, now projected at $2.1 trillion for 2025
Overall, these adjustments highlight the continued volatility and unpredictability in the mortgage market, as industry experts closely monitor economic indicators and market trends to inform their forecasts and strategies moving forward.
You can read this full article at: https://www.housingwire.com/articles/mortgage-rates-mortgage-bankers-association-forecast-november-2024/(subscription required)
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