The Mortgage Bankers Association today significantly lowered its 2009 mortgage origination forecast to $2.03 trillion, a drop of $700 million below its March projection. The primary reason: higher interest rates. Interest rates climbed from 5.19 on March 25 to 5.76 on June 17, according to Bankrate.com.
Rising interest rates have put a serious damper on refinancing.
Monday, June 22, 2009
MBA lowers mortgage expectations