The Mortgage Bankers Association bowed to market reality last week and lowered its forecast for 2014 mortgage originations nationwide.
The association, which counts credit unions among its members, forecasts housing finance performance by tracking economic, housing and interest rate data, along with reports of mortgage applications and underwriting.
The association dropped its forecast for the value for overall mortgage origination in 2014 from the $1.080 trillion it expected in March to the $1.065 trillion it forecast in April.
The MBA also moved its forecast for purchase money originations from $661 billion in March to $646 billion in April. However, it left the forecast for refinance originations unchanged at $4.19 billion.
The association did not include any comment about why the forecast numbers dropped in April, but the association's forecast for new housing starts dropped from1.023 million in March to 1.01 million in April. Likewise, the forecast for existing homes sold moved from 5.135 million units in March to 5.097 million in April.
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