According to the Mortgage Bankers Association’s annual forecast, they predict rising interest rates will significantly impact refinance demand in 2022. With the average interest rate on a 30-year fixed loan expected to rise a full percentage point than it is currently, refinance demand is expected to drop 62%. Originations for the purpose of buying a home, however, are forecast to rise 90% to a record of $1.73 trillion in 2022.
Read the full article on CNBC HERE.
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