Plan Now For The Refi Bust…It’s Coming
The Mortgage Bankers Association (MBA) is still reporting new records being set right now along with future records forecast for 2021. Here is the latest:
Week of October 28
The average loan size hit another record of $372,600 and purchase applications increased 24% over 2019 same time period. Refinance activity has been more volatile each week. In the report they stated that ,”These reports highlight just how strong the upper end of the market is right now, with outsized growth rates in the higher loan size categories.”
2021 MBA Forecast
On October 21, 2020, they announced that purchase originations are expected to grow 8.5% to a new record of $1.54 trillion in 2021 while refinance originations will decrease by almost half.
We repeat…..refinance activity currently reflects volatility and in 2021 volume will be cut in half.
We know this does not change what is on your plate right now – you’re busy! It also does not change that you need a plan. We can help!
Don’t turn away purchase business in order to protect your referrals. Help your Realtors close a new purchase deal now to protect future business growth.
Our Solutions To Your Continued Growth In 2021
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