Key Bankers' Group Predicts 2020 Surge in Mortgage Refinances
Coronavirus worries have hit the world economy hard. U.S. stocks have plunged as supply chain and travel disruptions continue across the globe. However, some of the fallout is having a positive impact in an unlikely place: the mortgage industry.
On Tuesday, the Mortgage Bankers Association, an industry trade group, said it now expects a 36.7% year-over-year gain in mortgage refinances in 2020. It's also projecting total mortgage originations to jump by 20.3% from 2019's levels; the group had been projecting an 8.3% decrease. That could benefit top U.S. mortgage lenders like Wells Fargo (NYSE: WFC) and JP MorganChase (NYSE: JPM).
Mortgage originations are now expected to rise in 2020, led by a boom in refinancing. Image source: Getty Images.
Source Fool.com
