In a segment this week on CNBC’s Squawk Box, Mortgage Bankers Association President and CEO David Stevens spoke on the problems ailing the housing market today and what needs to be done to fix it.
“Everything has to be on the table,” Stevens said, when asked whether the mortgage interest deduction was one potential mechanism for change.
The MBA forecasts interest rates remaining low through 2013, ending the year around 4%, Stevens said. While it may impact the refinance market, the still-low rates closer to 4% should not impact the home purchase market.
“We’re at a five on a one to seven scale,” Stevens estimated when prompted about the state of the housing recovery.
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