Here is a forecast for 2015 from the MBA: MBA Sees Originations Increasing Seven Percent in 2015
The Mortgage Bankers Association announced today that it expects to see $1.19 trillion in mortgage originations during 2015, a seven percent increase from 2014. While MBA anticipates purchase originations will increase 15 percent, it expects refinance originations to decrease three percent.
MBA’s forecast predicts purchase originations will increase to $731 billion in 2015, up from $635 billion in 2014. In contrast, refinances are expected to drop to $457 billion, from $471 billion, in 2014.
For 2016, MBA is forecasting purchase originations of $791 billion and refinance originations of $379 billion for a total of $1.17 trillion.
“We are projecting that home purchase originations will increase in 2015 as the US economy continues on its current path of stronger growth, job gains and declining unemployment. The job market has shown sustained improvement this year; with robust monthly increases in both payroll jobs and job openings,” said Michael Fratantoni, MBA’s Chief Economist and Senior Vice President for Research and Industry Technology. “We are forecasting that strong job growth, coupled with still low mortgage rates, should translate to an increase in home sales and purchase originations.
emphasis added
Wednesday:
• At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
• At 8:30 AM, the Consumer Price Index for September. The consensus is for no change in CPI in September and for core CPI to increase 0.1%.
NOTE: When CPI is released on Wednesday, the Cost-of-living adjustment for 2015 will be released. If CPI-W is unchanged in September, COLA will be around 1.7%.
• During the day, the AIA’s Architecture Billings Index for September (a leading indicator for commercial real estate).