SAN DIEGO - In a press conference at the Mortgage Bankers Association (MBA) 90th Annual Convention and Expo, economists from the MBA said the picture is improving, which will likely lead to employment growth in the coming year. The MBA also said that refinancings are going to decrease dramatically, as the market moves toward a purchase environment.
Mortgage production is expected to reach $3.3 trillion at the end of this year and plunge by half to $1.6 trillion in 2004. In 2005, mortgage production volume is estimated at $1.5 trillion. The decline is attributed to the huge drop in refinancing.