Mortgage refinance booms are a thing of the past: MBA chief economist

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 · But a fall in the mortgage and refinancing volumes that year to date total $69.2 billion for Bank of America nationwide — compared to $131 billion last year — have been felt by every one of its.

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Is it time to refinance your mortgage? A sharp drop in the last few weeks has already created a mini refinance boom. Mortgage applications to refinance jumped nearly 27% last week from the previous week and were 97% higher compared.

 · Mortgage lending should ease to $1.57 trillion as the economy recovers erratically, ending the refinancing boom and pricing some buyers out of the housing market, the Mortgage Bankers Association of America said in its annual forecast. The level of lending is expected to be a record $2.42 trillion in 2002, the MBA said.

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While low rates have led some to predict a refinance boom, Mike Fratantoni, chief economist for the mortgage bankers association (mba), isn’t among the chorus. Fratantoni, speaking at MBA’s National Secondary Market Conference in New York, granted that the rate drop following last year’s mounting hikes was undoubtedly positive for buyers.

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Mortgage Refinance Booms are a Thing of the Past: MBA Chief Economist The era of plentiful refinance volume is over for the foreseeable future, the result of mortgage rates remaining in a very narrow band for the past decade, said Mortgage Bankers Association chief economist mike fratantoni.

A slowly recovering economy and improving unemployment rate as well as a clearer definition of new mortgage rules and laws have all contributed to the loosening standards over the past two years. Credit conditions are far from where they were even before the housing bubble though, with many first-time homebuyers and self-employed buyers still unable to qualify for home-loan financing.

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