Magazine article Mortgage Banking

MBA Forecast: $1.19 Trillion in Residential Originations in 2015

Magazine article Mortgage Banking

MBA Forecast: $1.19 Trillion in Residential Originations in 2015

Article excerpt

Expect a slight uptick in total residential origination volume next year over this year's subdued home-lending totals. That was the word from the chief economist of the Mortgage Bankers Association (MBA) as he presented the group's economic and mortgage market forecast on Oct. 21 at MBA's 101st Annual Convention in Las Vegas.

While MBA expects purchase originations to jump by 15 percent next year, it also expects refinancing volume to be down by 3 percent from final 2014 levels.

However, in 2016, MBA expects total residential originations to decline slightly to $1.17 trillion. This year, MBA is expecting residential originations to end the year at $1.11 trillion.

Purchase originations for 2015 are forecast to come in at $731 billion, up from $635 billion this year. Refinances are expected to decline to $457 billion next year. They are expected to end this year at $471 billion.

MBA's forecast for overall economic growth in 2015 is 2.9 percent. Growth is expected to slow in 2016 to 2.4 percent, according to MBA. The forecast calls for the unemployment rate to fall to 5. …

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