The Mortgage Bankers Association now expects overall mortgage originations to total $2.58 trillion in 2022, a 35.5% decline from 2021. DianaOlick reports.
With rates surging, demand for refinancing has. Applications to refinance a home loan fell 5% during the most recent week, seasonally adjusted, and were 62% lower than they were a year ago, according to the MBA. For the full year, the group expects refinances to fall 64%. The refinance share of mortgage activity decreased to 37.1% of total applications last week from 38.8% the previous week.
"Even though existing sales volume will be slightly lower than last year, the continued growth in new home sales and the rapid rise in home prices should deliver a smaller, but solid, 4% annual growth in purchase origination volume," said Michael Fratantoni, MBA's chief economist.
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