U.S. Mortgage Originations Predicted to Hit $1.95 Trillion in 2024

The Mortgage Bankers Association is expecting a 19% increase in total mortgage origination volume by 2024, from 4.4 million loans in 2023. Mike Fratantoni, MBA's Chief Economist, predicts a mild recession in early 2024 due to higher interest rates, tighter credit conditions, and a depletion of pandemic-era savings. Despite the expected recession, the MBA expects the national housing prices to grow over the next three years due to tight inventory, with first-time homebuyers making up a large portion of housing demand.

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