According to the mortgage bankers association's forecast, total mortgage originations this year are expected to hit levels not seen since before the 2008 housing crisis and are expected to come the highest levels since 2007.
Lower-than-expected mortgage rates gave the refinance market a significant boost this year, resulting in it being the strongest year of volume since 2016.
Interest rates will, on average, remain lower for longer given the somewhat cloudy economic outlook.
These lower rates will support both purchase and refinance origination volume in 2020.
The economy has continued to perform well, resulting in a tight labor market and wage growth.
Wage growth pushed household incomes upward, which increased consumer home-buying power by 1.5% 7.
Since august 2018, mortgage rates decreased nearly a full percentage point and household income grew by 2.6%, both improving home- buying power and affordability.
Cg: mortgage confusion 8.
An analysis by transunion projects that at least 8.3 million first-time homebuyers will enter the mortgage market in the next three years, although exceptional economic growth could propel that number even higher.
Transunion is optimistic that first-time homebuyers will contribute more to home ownership than at any time since the start of the great recession.
A recent survey found that the top motivators to purchase a home included seeking more privacy, wanting to build equity wealth, and getting married or expanding their family.
However, more than half of those surveyed believe they would need a down payment of 10-20%.
At jts & co.
We have down payment options to fit your needs.
With loan programs that offer anywhere from 0% to 5%, the belief of needing 10-20% is a thing of the past.
Many potential homebuyers don't seem to be aware of the wide variety of financing options and down payment options that are available to them.
Give your lifetime mortgage advisor at jts & co.
A call to review your options.
We will sit down to review your long-term goals and suggest loan options to fit those goals.
Working with a local lender has many benefits, one of the most important of those is the personal touch we can give verses a national lender.
Even if you've started the process with another lender, give us a call for a second opinion.
The consult is absolutely free.
Cg: lifetime mortgage advisors 20.
At jts & co.
We strive to be your life-time mortgage advisor.
Determining the best strategy for your specific situation is a passion of ours.
For nearly 24 years we've enjoyed helping families become homeowners and are excited to help you through the mortgage process for many more years to come.
Whether you are a first-time homebuyer or right sizing your home through purchase or refinance, we have loan options to fit your needs.
Prequalify, find the home of your dreams, and move in before the end of the year.
At jts & co.
We are local.
And we are your lifetime mortgage advisors.
We want to make homeownership easy for you!
Thanks for joining me today, be sure to tune in next week.