Mortgage lending volume in 2020 likely to break records
The dollar-volume record will be boosted by $2.4 trillion in refinancings, the highest level since 2003 and more than double the level seen in 2019, the mortgage giant said in a forecast on Tuesday.
“We continue to believe that a low-rate environment will support refinance demand over the forecast horizon,” Fannie Mae said in the forecast. “At the current interest rate of 2.86%, we estimate that nearly 69% of outstanding first-lien loan balances have at least a half-percentage point incentive to refinance.”
Original Article Source Credits: Housing Wire , https://www.housingwire.com/
Article Written By: Kathleen Howley
Original Article Posted on: September 15, 2020
Link to Original Article: https://www.housingwire.com/articles/mortgage-lending-volume-in-2020-likely-to-break-records/