Mortgage Market Outlook

The Mortgage Bankers Association (MBA) published an updated mortgage finance forecast on March 21st 2023. Despite increases in mortgage rates during February and March, the MBA’s expectation that mortgage rates will steadily decrease throughout 2023 remained unchanged, dropping to 6.1% during Q2 and ending the year at 5.3%.

Although the MBA remains optimistic about a decrease in mortgage rates, they did lower origination volume expectations for Q2, mostly concerning refinance volume. For the full year 2023, total volume is still forecasted at 1.8 trillion.

To download the full mortgage finance forecast from the MBAs webpage, click this link.