Purchase Applications set for Healthy 2016; Refinance outlook Bleak

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Posted To: MND NewsWire

There was good news and bad news from the Mortgage Bankers Association (MBA) as it made 2016 economic predictions to its members gathered in San Diego for MBA's 102 nd annual convention. First the good news. MBA sees purchase mortgage originations rising by 10 percent over 2015 to a total of $905 billion. Purchase originations had jumped from $759 billion in 2014 to an anticipated $821 billion this year. However, (here's the bad news) that gain will be offset, although certainly not unexpectedly, by a drop of one-third in refinancing. The Association expects refinancing volume next year be $415 billion, down from a projected $630 billion this year. The total of mortgage originations will therefore decline from an expected $1.45 trillion in 2015 to $1.32 trillion in 2016. Further it will remain...(read more)

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Source: http://www.mortgagenewsdaily.com/10202015_mba_economic_predictions.asp

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