2020 is expected to go down as one of the best years for the mortgage industry since 2003. This week the Mortgage Bankers Association released its forecast for the remainder of 2020 and into 2021. The group predicts mortgage originations will increase to $3.18 trillion in 2020. That’s the most since we hit $3.81 trillion in 2003.
Looking ahead to 2021, the MBA believes that purchases will take the top spot over refinances, despite rates remaining extremely low.