The forecasted volume of residential loans to be originated this year and next year has been reduced by $26 billion. Home purchase financing took the biggest hit.

Third-quarter 2018 mortgage production by all U.S. originators is expected to reach $442 billion. U.S. The outlook includes refinances and loans to finance a home purchase.

Originations are then expected to fall to $404 billion in the final-three months of this year and decline further, to $339 billion, in the first-three months of next year.

Source: Mortgage Daily