Posted To: Pipeline PressThe U.S. economy and job market are firing on nearly all cylinders (hence higher rates) but the housing market has essentially stalled. Here’s a stat that most real estate agents and lenders will agree with: Home purchases by international buyers are down 21% in a year . The MBA (Mortgage Bankers Association, not to be confused with an advanced business degree) echoes this in its latest forecast. Its economics team believes refi declines will wipe out purchase gains , and that overall mortgage originations are expected to decline between 2018 and 2019. Purchase volume is expected to fall from $332 billion in the third quarter to $270 billion three months later, and refi production is projected to fall from $111 billion to $100 billion in the fourth quarter. During all 12 months of this…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Michael Ayoub, Author NMLS ID 6631