Forecasted financing of residential property purchases has been reduced by more than $60 billion for this year and last year. There was an improvement, though, for refinances.

The origination of loans to refinance an existing mortgage or to finance a home purchase is expected to amount to $454 billion during the third quarter.

Aggregate mortgage production by all originators in the country is then expected to sink to $372 billion during the final-three months of this year.

Source: Mortgage Daily