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MBA remains bullish on economy

The Mortgage Bankers Association (MBA) remains largely bullish on the economy and the outlook for originations through next year.

In its November forecast, MBA cited a slowly improving jobs market and stable levels of spending. As with previous forecasts, the trade group predicted that the market for purchase loans will take over the lion’s share of originations as interest rates begin to rise.

Because of a slowly improving economy, MBA said the Federal Reserve will likely pull the trigger in December on a rate increase. MBA noted, however, that the Fed has repeatedly stated that it will remain accommodating in monetary policy and economic conditions will determine the timing, a fact that suggests that the liftoff could be delayed as long as the second quarter of next year.

The trade group predicted that growth in the gross domestic product will top out at 2.1 percent in 2015, and accelerate to 2.3 percent in 2016 and 2017.

MBA also forecast that overall originations will total $1.47 trillion for 2015, compared to $1.26 trillion in 2014. 


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