Rock-bottom mortgage rates are causing a sudden surge in mortgage refinances, so much so that the industry's largest trade group is revising sharply higher its origination forecasts for the year.
The Mortgage Bankers Association is now forecasting total mortgage originations of approximately $2.61 trillion this year – a 20.3% gain over 2019's volume and a jump from last month's forecast of $1.99 trillion.
Purchase originations are now forecast to rise 8.3% to $1.38 trillion, up from the $1.32 trillion last forecast.lenders have been struggling to keep up with the volume They do not expect the refinance boom to end any time soon, because of the expectation that the Federal Reserve will lower its interest rates significantly in the next few months, keeping longer term rates low for most of the year.While mortgage rates do not follow the Fed specifically, they do loosely track the yield on the 10-year U.S. Treasury.
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