The Mortgage Bankers Association has joined Fannie Mae and Freddie Mac in revising origination projections downward for this year, cutting its forecast from $2.6 trillion to $2.4 trillion.In its monthly Mortgage Finance Forecast for May, the MBA predicted that refinancings will total $1.0 trillion, down from the previously forecast $1.2 trillion, and that mortgages for purchasing homes will make up 57% of total originations, or $1.4 trillion. (Fannie Mae recently lowered its 2004 mortgage origination forecast from $2.58 trillion to $2.30 trillion, and Freddie Mac lowered its forecast from $2.8 trillion to $2.4 trillion.) MBA chief economist Doug Duncan said the Federal Reserve is likely to begin raising rates in June because of strong employment and production growth and rising inflation pressures. "Our forecast has for some time anticipated that the Fed would wait until late this year before starting to raise short-term interest rates, but the growth of the economy has accelerated and raised the likelihood of a near-term rate increase," he said. The MBA now projects that the average 30-year fixed mortgage rate will increase to 6.4% in the fourth quarter. The MBA can be found online at http://www.mortgagebankers.org.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25