Mortgage industry watchers have started 2023 with optimism regarding the possibility of mortgage rates returning to the 5% range this year – but not without a dose of volatility on the way. 

“The mortgage market began 2023 on a positive note, with a decline in mortgage rates leading to an uptick in refinance applications. Purchase activity was down again on a weekly and annual basis,” Bob Broeksmit, Mortgage Bankers Association (MBA) president and CEO, said in a statement.

Broeksmit said the trade group expects mortgage rates to move lower over the course of the details ⇒

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