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Home » Store » IMFnews » Lenders Turn Focus to LOs that Produce Purchase Mortgages as Refinances are Expected to Decline

Lenders Turn Focus to LOs that Produce Purchase Mortgages as Refinances are Expected to Decline

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With interest rates on mortgages expected to go up this year, some lenders are putting an emphasis on loan originators who can close purchase mortgages. Economists at the Mortgage Bankers Association predict that the average interest rate on a 30-year fixed rate mortgage will climb from 3.70 percent last year to 4.50 percent in 2017. The higher rates will help prompt a 47.7 percent decline in refi volume in 2017 compared with the estimated $901.0 billion in refi originations last year, according to the MBA. Dave Stevens, president and CEO of the MBA, said...
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