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Refinance Forecast Up as Rates Tumble

Mortgage News > Refinance Forecast Up as Rates Tumble
Date: 03/10/2020    Refinance Forecast Up as Rates Tumble

Mortgage interest rates have continued to slip lower and refinance borrowers are rushing to take advantage of the savings. Due to overwhelming demand in the last month, the Mortgage Bankers Association has doubled the number of refinance originations they are predicting for 2020 to $1.23 trillion. Total mortgage originations are now expected to rise to $2.61 trillion by the end of the year, a 20.3% increase from last year. Meanwhile, the average rate on a 30-year fixed-rate loan has fallen to 2.39%, the lowest level on record, according to Freddie Mac.

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