Blog


Mortgage Originations Set to Break All-Time Records in 2020! 

Amidst dealing with the effects of the global COVID-19 pandemic, mortgage originations in 2020 are set to be the highest of all time.  According to industry research firm, Inside Mortgage Finance, lenders extended $2.8 trillion in mortgages in the first nine months of the year, with no signs of slowing down during the final quarter.  Analysts expect these numbers to surpass the prior highest recorded mark of $3.7 trillion in 2003.  Guy Cecala, Chief Executive of Inside Mortgage Finance, stated, “2003 was a record nobody thought would ever be achieved again.”
These record numbers are staggering when compared to the millions of individuals in and out of work due to the pandemic, as well as the difficulties that realtors have faced showcasing homes for sale.  Clearly offsetting those challenges are interest rates, which hit their lowest levels of the year during the week of December 7th.  That new record low represented the 15th record low of the year, and the 2nd in as many weeks.  These record-low interest rates are the driving force for homeowners looking to refinance their current home, or for new homeowners looking to capitalize and enter the housing market!

Call your Advisors Mortgage Loan Officer today to discuss the current market in more detail and to learn what you qualify for. 

Sources:

http://cnb.cx/3mq6IO4

http://bit.ly/3avYCkq