Mortgage rates at their lowest levels since 2016 will push mortgage originations in the U.S. to a three-year high by the end of the year according to a new forecast. The Mortgage Bankers Association predicts that the combined purchase and refinance originations for 2019 will top $1.9 trillion.
Sales of existing homes is expected to total 5.39 million units this year, up from 5.34 million in 2018. The increases come despite an anticipated 4.3 percent increase in home prices over the course of the year.
Fannie Mae has previously reported that it expected refinances to end the year at a 3-year high as well.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.