Mortgage lending has reached the highest level in 13 years, thanks to cheaper mortgage rates that have pushed home-loan originations up to $2.1 trillion for 2019, according to HousingWire.
Numbers have not reached this level since 2007 in which home loan originations hit $2.3 trillion, according to the report. Additionally, the Mortgage Bankers Association revealed that the 30-year fixed mortgage rate is down 1.2%.
"Interest rates will, on average, remain lower for longer given the somewhat cloudy economic outlook," Michael Fratantoni, MBA’s chief economist, said in a statement accompanying the group’s forecast, according to HW.
"These lower rates will, in turn, support both purchase and refinance origination volume."
Meanwhile, refinance shares are estimated to rise to 38%, according to the report.
To learn more the current uptick in mortgage lending, click on the image above.