Mortgage lending volume in 2020 likely to break records

Author: External Author | | Categories: FHA Jumbo Loan , Mortgage Broker , Mortgage Professional

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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.”

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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/



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