Economists at the Federal Home Loan Mortgage Corp. have raised the outlook for refinances and lowered expected purchase financing for this year — dragging down the overall forecast.

During the first-three months of this year, Freddie Mac predicts that industry-wide single-family loan originations will amount to $325 billion.

U.S. mortgage lending is then expected to jump to $460 billion in the second quarter and climb to $495 billion during the following three-month period.

Source: Mortgage Daily