While 2021 likely won’t approach the record breaking tizzy of 2020, the housing market will continue to flourish on the strength of the purchase market, according to economists at the Mortgage Bankers Association.
After last year’s record $3.83 trillion in mortgage originations, the MBA forecasts volume to fall 14% this year to $3.28 trillion, which would still be the third-highest total on record. The share of refinances in mortgage origination volume dipped below 50% for the first time in 15 months in March, according to Black Knight‘s latest monthly data report, and economists say this is just the beginning.
At the trade organization’s details ⇒
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