With mortgage rates at near record low levels, Fannie Mae is expecting to see refinance (refis) volumes spike this year to a 17-year high. Even as other parts of the U.S. economy falter, lenders are expected to originate $1.5 trillion in refis in 2020. That would be a 51% jump from 2019. According to the Mortgage Bankers Association, that would be the highest level since 2003 when $2.5 trillion of mortgages were refinanced.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
Mortgage refinancings set to surge to a 17-year high