With the latest round of rate cuts, the Mortgage Bankers Association is predicting a three-year-high in mortgage originations for 2019. This is big news for mortgage professionals who are trying to ramp up their business before the year is out.
"Combined purchase and refinancing originations will probably total $1.9 trillion in 2019, according to MBA," reported HousingWire.
"That would be the highest level since 2016’s $2 trillion."
The average rate for a 30-year fixed mortgage is inching closer to the 3.8% mark, which would be the lowest since 2016. Meanwhile, the MBA also believes that refinances will also reach a three-year high this year.
"Home prices probably will gain 4.3% from last year, the group said. That’s a slower pace than the 6.1% annual increase in 2018," according to the report.
"MBA bases its home-price forecast on the Federal Housing Finance Agency’s index that measures sales of single-family homes with mortgages backed by Fannie Mae and Freddie Mac."
To learn more about the MBA's prediction for mortgage originations in 2019, click on the image above.