The Scotsman Guide - Victor Whitman - 21 December 2016
Add title agents to the list of people who expect a weaker year for the mortgage industry.
Confidence in the growth of transaction volume over the next 12 months fell by nearly 12 percent in the fourth quarter compared to the prior quarter and nearly 4 percent compared to the same-quarter a year ago, the title company First American said in reporting its latest quarterly survey.
“Overall, bullishness about transaction volumes in the coming year waned, largely driven by the decline in refinance transaction expectations,” said First American’s Chief Economist Mark Fleming.
“Uncertainty leading into the election, as well as increasing confidence in the likelihood of Federal Reserve rate increases, tempered expectations for housing demand and lowered the overall price growth forecast,” Fleming continued.
Title agents were confident that home-purchase loan volume would rise in 2017, however.