Milwaukee Condo & Real Estate Scene

The Business Journal of Milwaukee: Mortgage Bankers Association revises originations estimate

According to the Mortgage Bankers Association (MBA), they are projecting an additional $800 billion in mortgage originations in 2009. The latest estimate for the year is around $2.78 trillion.

The MBA feels the revision is necessary due to the historically-low interest rates which is not only assisting today’s buyers’ purchase their homes, but also assisting current homeowners save through the use of refinancing their existing mortgages. The Federal Reserve (The Fed) and the U.S. Department of the Treasury are responsible for keeping long-term rates in check by pumping in more money into the struggling financial markets.

Assuming that the MBA’s latest projections are correct, 2009 could be the fourth-biggest mortgage year in history.

Ed Duggan, writer for the South Florida Business Journal, provides an inside look of how historically-low interest rates are impacting the oversupply of foreclosed properties in his state, as well as Arizona, Nevada, and California. Click here to read more about how The Fed and Treasury Department are working together to protect the housing market and their impact on mortgage originations>>>


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Labels: Finance

posted by David Ray @ 9:13 PM