entire property market

Mortgage Bankers Association (MBA) Chief Economist Mike Fratantoni said there will be a little upswing in the purchase market in 2023 despite the mortgage industry coming off of two record-setting years and being in a downturn.

Fratantoni made predictions while speaking at a convention in Washington, D.C. He predicted that the volume of purchase mortgages would increase by 4% from $1.638 trillion this year to $1.704 trillion next year. However, the refinancing volume will decrease by 24%, from $706 million to $540 million. He added that the total mortgage market would shrink from the anticipated $2.3 trillion this year to $2.2 trillion.

Fratantoni explained that the entire property market had been highly competitive and pricey this year. He did, however, state that younger customers will have benefits.

Previously buyers had to contend with “ten to fifteen competing offers” the previous year, but now they might be the only ones putting in a bid, according to Fratantoni.

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