Thanks to the experts at Guild Mortgage here in Reno and to help navigate the current demanding housing market in Northern Nevada, below is the March mortgage industry economic forecast created by the Mortgage Bankers Association (MBA).
Every month the forecast is updated and provides insights into expert mortgage economists’ view of the current real estate industry. Some of the notable highlights of the March report are:
- The total industry volume for 2021 is projected to drop to $3.184 trillion, down from $3.828 trillion in 2020.
- The purchase loan volume for 2021 is projected to increase to $1.688 trillion, up from the $1.433 trillion in 2020. (Great info to share with our realtor partners!)
- 30-year fixed rate mortgage rates are projected to go up 0.80% in rate from an average rate of 2.80% in 2020, to an average rate of 3.60% in 2021. They are projected to go up to 4.50% in 2022.
The report also shares a lot of great information on home sales, housing statistics, and home price appreciation trends and forecasts. I encourage you to take a look and leave me a comment below with any questions!
These economic forecasts from MBA are viewed to be highly credible and balanced. High quality information is more valuable than ever as we navigate the lack of supply in a high demand market. Click here to view the 2020 annual report from MBA for even more insight.
Realtor® Sierra Nevada Properties