Overall demand for mortgage applications fell 2.7% in the final two weeks of the year, according to the weekly survey from the Mortgage Banker's Association.
Market experts see an even bigger year ahead in 2022.
"Despite supply and affordability challenges, 2021 was a record year for purchase originations," Joel Kan, MBA’s associate vice president of economic and industry forecasting. "MBA expects 2022 to be even stronger, with total purchase activity reaching $1.74 trillion."The higher rates to close 2021 caused refinance activity to decrease 2.2 percent.
The survey covers over 75% of all U.S. retail residential mortgage applications and has been conducted weekly since 1990.
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