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Mortgage Lending Reaches Pre-Crisis Level

October 30, 2019

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

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