The Mortgage Bankers Association (MBA) raised its expectations for mortgage performance in 2015 with a strong outlook for originations in the next year.
MBA announced Tuesday that it expects to see $1.19 trillion in mortgage originations during 2015, a 7% increase from 2014. Additionally, the Association also anticipates purchase originations will increase 15% to $731 billion next year, while refinance originations are expected to drop 3% to $457 billion.
“We are projecting that home purchase originations will increase in 2015 as the US economy continues on its current path of stronger growth, job gains and declining unemployment,” said Mike Fratantoni, MBA’s chief economist and senior vice president for research and industry technology in a written statement. “We are forecasting that strong job growth, coupled with still low mortgage rates, should translate to an increase in home sales and purchase originations.”
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