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Purchase Applications set for Healthy 2016; Refinance outlook Bleak

Tuesday, October 20, 2015

There was good news and bad news from the Mortgage Bankers Association (MBA) as it made 2016 economic predictions to its members gathered in San Diego for MBA's 102nd annual convention.  First the good news.  MBA sees purchase mortgage originations rising by 10 percent over 2015 to a total of $905 billion. Purchase originations had jumped from $759 billion in 2014 to an anticipated $821 billion this year.

However, (here's the bad news) that gain will be offset, although certainly not unexpectedly, by a drop of one-third in refinancing. The Association expects refinancing volume next year be $415 billion, down from a projected $630 billion this year.

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