Mortgage refinance booms are a thing of the past: MBA chief economist

Mortgage lending: industry forecasts for the new year.. The MBA estimates a 30 percent drop in refinance business this year. Refinance business is largely cyclical, and it will rebound after a period of relatively higher interest rates, Mike Fratantoni, MBA chief economist and senior vice.

Longest Recorded Refi Boom Ends; New Demographic Emerges. Regardless of the minimal level of cash-out refinance activity, when we couple it with lower mortgage rates and shorter terms homeowners have taken out through refinance over the past couple years, they have accelerated principal pay down and contributed to the rebound in home-equity accumulation.".

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NEW YORK ( — The delinquency rate for mortgage borrowers spiked higher in the second. mortgages due to the impact of rate resets," said Doug Duncan, the MBA’s chief economist. Duncan.

Before you decide whether or not to refinance your mortgage, make sure that you have adequate home equity-at least 20% will make it easier to qualify for a loan.

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While risk on refinance transactions was unchanged from January 2018, it was down more than a percent on purchase-money transactions. "Rising mortgage rates reduce the benefit of refinancing and increase the share of purchase loan transactions in the market," First American Chief Economist Mark Fleming said in an accompanying statement.

Mortgage Refinance Booms are a Thing of the Past: MBA Chief Economist. National Mortgage News, May 21, 2019–Brad Finkelstein The era of plentiful refinance volume is over for the foreseeable future, the result of mortgage rates remaining in a very narrow band for the past decade, said mortgage bankers association chief Economist Mike Fratantoni.

Mortgage Rates Have Now Fallen For Five of the Past Six Weeks. A year ago at this time, the 30-year FRM averaged 3.96%. sam Khater, chief economist for Freddie Mac, points out that mortgage rates have now declined in five of the past six weeks. "The run-up in mortgage rates earlier this year represented not just a rise in risk-free borrowing.

Mortgage refinance boom goes bust as rates shift higher. according to the Mortgage Bankers Association’s seasonally adjusted index.. The sharp drop in mortgage rates in the past month had.

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Falling interest rates in January and February sparked a flurry of refinancing activity. according to the Mortgage Bankers Association. Mike Fratantoni, the MBA’s chief economist, said that the.