Housing Market Predictions: 19% Surge in Mortgage Originations Amid Recession
The Mortgage Bankers Association predicts that mortgage originations will surge by 19% in 2024 due to a mild recession prompting the Federal Reserve to ease interest rates, resulting in lower mortgage rates. This will lead to increased housing demand and a boost in the inventory of existing homes. However, home prices are expected to continue appreciating for the next three years due to low inventory levels, despite the lower mortgage rates.