Purchase Originations to Rise 9% in ’22 According to MBA Forecast

Purchase Originations to Rise 9% in ’22 According to Latest MBA ForecastLast week, the Mortgage Bankers Association (MBA) provided its latest housing forecast during its Annual Convention, which expects purchase mortgage originations to grow by 9% in 2022 to a new record of $1.73 trillion.

Refinance originations, however, are expected to decrease by 62% in 2022, which the MBA believes will lead to a 33% decline in overall mortgage originations compared to 2021. That said, purchase originations are still forecasted to reach a record high due to robust demand from millennials, those seeking more space, and low mortgage rates.

When it comes to mortgage rates, the MBA predicts that the rates for a 30-year, fixed-rate mortgage will rise to 3.1% by the end of the year and as high as 4% by the end of 2022.

For more information, check out the MBA’s press release.

MBA – mba.org
National Mortgage Professional – nationalmortgageprofessional.com


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