Mortgage Industry, Economists Wrong About Rates

With economists forecasting a rise in interest rates last year, mortgage companies were reducing their staffs in anticipation of lower originations.

But rates didn’t increase. Instead, mortgage rates turned lower — and have continued to fall — driving up the demand for refinances in the process.

Now, economic forecasts have refinance mortgage production strengthening as prospective borrowers line up to take advantage of lower rates.

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From:: Financing