Praveen Chandramohan (pictured top) of financial services giant CoreLogic told Mortgage Professional America that while the company was predicted a market “upswing” in 2025, spurred by growth on both the refinance and purchase sides, the outlook for the years ahead is even brighter.
It’s important to focus on that opportunity, he said. “What’s getting lost in these quarter-by-quarter projections is the long-term horizon of the mortgage market,” he told MPA. “We’ve been calling it the convergence of opportunity.
“If you really think about the three legs of the mortgage ecosystem – one being purchase, the other being refi, and the other being home equity – we’re at a point in time where all three are peaking, and all three are converging for a perfect opportunity for the next five years.”
Purchases and refis alike set to see growth in years ahead
A significant catalyst for market growth looking ahead, according to Chandramohan, is set to be the first-time buyer cohort. The average age of that segment is about 36 – and one of the main buyer types entering the market is Americans between 26 and 33 years old. “That’s the largest cohort of the population in the US census,” he pointed out.
“What that means is, over the next five years, that’s the population that’s going to be shopping. And there are close to 15 million people in that cohort – so that’s 15 million people that are potentially going to be shopping for homes over the next five years.”