Members of the Mortgage Bankers
Association (MBA) are holding their annual convention in San Diego this week
and the opening day was accompanied by the usual flurry of press releases
including forecasts from the association’s economists for the coming year. The projections,
from Mike Fratantoni, Chief Economist and
Senior Vice President for Research and Industry Technology; Joel Kan, Associate
Vice President of Economic and Industry Forecasting; and Marina Walsh, CMB, Vice
President of Industry Analysis, are rooted in expectations of robust homebuyer
demand from millennial households and those seeking more space. These factors
and still-low mortgage rates will provide favorable tailwinds for the housing
market next year. Headlining the forecast is growth of 9.0 percent in purchase
mortgage originations in 2022. This would bring those originations to a new
record of $1.73 trillion.

 

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