by Ryan McKeen
It seems that the music is about to stop for real estate attorneys yet again.
2009 was the year of the refi. With interest rates at historic lows it made sense for many homeowners to lock in fixed rate loans at rates at or near 5%.
While attorneys weren’t doing record numbers of purchases and sales they were doing plenty of refinances.
Now this:
U.S. residential mortgage originations will plunge 40 percent this year to the lowest level in a decade as home refinancing demand sinks with rising mortgage rates, the industry’s main trade group said.
Lenders will underwrite $1.28 trillion in home loans this year, down from $2.11 trillion in 2009, the Mortgage Bankers Association said in its annual forecast on Tuesday. That would be the lowest since $1.14 trillion in 2000. Reuters.
With interest rates expecting to rise in 2010 it makes sense that refinances will decrease.
Short of a “hot” real estate market it looks like 2010 might be a tough year for real estate attorneys.