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by CareyBot

The Mortgage Bankers Association today increased its forecast for this year's total mortgage originations by a whopping $500 billion, and the group's economists now believe 2004 will post yet another record in home purchase originations. MBA Chief Economist Doug Duncan now expects total loan originations to hit $2.5 trillion this year, up from his previous forecast of $2 trillion, due to low interest rates. His forecast expects $1.4 trillion in purchase-money originations this year, an increase compared with $1.3 trillion last year. Long-term interest rates on home loans this month hit their lowest point since last summer. The 30-year fixed-rate average fell to 5.07 percent on Friday, and the 15-year fixed-rate rose slightly to 4.39 percent. The 1-year adjustable sank to just 2.93 perc...