Posted on: 21st Jan, 2014 03:08 am
Based on the declining mortgage application activity, the Mortgage Bankers Association (MBA) has lowered down its forecast for mortgage originations in 2014 by $57 billion to $1.12 trillion. Inspite of some positive signs such as steady growth outlook, recovery in the mortgage market, the number of mortgage application is declining. In recent times, a combination of rising rates and regulatory implementation has led to this decline in mortgage origination.
It should be noted that home purchase mortgage originations are now projected to come in at $677 billion for 2014, compared to the earlier forecast of $711 billion.
It is also expected that refinance originations are now expected to total $440 billion during 2014 however, the earlier forecast was of $463 billion.