The recent rise in mortgage rates will have a minimal impact on home buying or mortgage purchase originations this year, according to a CoreLogic economist.
“CoreLogic does not expect any significant slowing in purchase mortgage originations,” according to the real estate vendor’s “MarketPulse” newsletter.
Rising mortgage rates signal that the economy is improving and it will have little impact on housing affordability, according to CoreLogic senior economist Molly Boesel.
She expects further improvement in home sales and
“Purchase mortgage originations for all of 2013 are estimated to improve between 12% and 22% over 2012,” she says in an article entitled “Rising Rates Cooling Refinance Activity.”
The article notes that “refinancings are estimated to total $1 trillion to $1.1 trillion in 2013, with $700 billion to $800 billion already completed through the first half of the year.”
