The mortgage industry broke records in 2020. While a global pandemic gripped markets, actions by the Federal Reserve brought interest rates to record-low levels. This spurred growth in loan originations, both for new home purchases and home refinancings.
In addition, other macro factors changed life as we knew it in 2020. Nationwide lockdowns and other precautionary procedures saw more people working remotely than ever before. As a result, people spent more time at home. For those living in the city, it became attractive to upgrade to bigger homes in the suburbs or in other, cheaper metropolitan areas.
This dramatic shift in consumer behaviors has many wondering what 2021 has in store for the mortgage industry. Here are five trends I’m looking for in the industry this year.