Both the Mortgage Bankers Association and Fannie Mae have recently increased their mortgage volume forecasts for this year and next, despite signs that the pent-up demand from the delayed spring home buying season has started to wane.

“The housing market continues to thrive in the low-rate environment, particularly refinancing, but the sector is showing some early signs of slowing on the purchase side as the delayed seasonal effect works its way through the market,” Fannie Mae Chief Economist Doug Duncan said in a press release. He noted that while issues related to COVID-19 create some uncertainty, the pace of growth won’t likely be hindered “to the level of a potential second recessionary downturn.”

Fannie Mae predicts average rates for the 30-year fixed loan will remain

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