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News & Press: Industry News

Mortgage Applications Surge

Tuesday, March 17, 2020  
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Mortgage applications increased 55.4 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending March 6, 2020. The refinance share of mortgage activity increased to 76.5 percent of total applications from 66.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.9 percent of total applications.

In response to the current interest rate environment, MBA now forecasts total mortgage originations to come in around $2.61 trillion this year - a 20.3 percent gain from 2019's volume ($2.17 trillion). Refinance originations are expected to double earlier MBA projections, jumping 36.7 percent to around $1.23 trillion. Purchase originations are now forecasted to rise 8.3 percent to $1.38 trillion.

California Land Title Association


1215 K Street #1816 Sacramento, CA 95814-3905
Email: mail@clta.org  |  Phone: 916-444-2647  |   Fax: 916-444-2851