Mortgage lending volume in 2020 likely to break records

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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 ,

Article Written By:  Kathleen Howley

Original Article Posted on:  September 15, 2020

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