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MBA: Mortgage Lending To Hit 14-Year Low In 2014
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A projected 60-percent drop in refinance activity will account for the decline. Mortgage Refinances are expected to account for 39 percent of 2014 mortgages, down from 63 percent last year. Mortgage interest rates are expected to reach 5.1 percent by the end of 2014 and 5.3 percent the following year, further trimming refinance activity.

The forecast isn’t all bleak. Lending for new home purchases should rise about 4 percent next year.
Michael Lewis is Managing Editor at the National Notary Association.