U.S. mortgage bankers have lowered their three-year housing forecast for purchase-money loan originations by more than $80 billion.
For the three months ended Sept. 30, total home-loan production by all origination firms is predicted to total $449 billion. The total is the sum of refinances and purchase financing.
Business is then expected to sink to $370 billion in the fourth quarter. During the first-three months of next year, the outlook is for $332 billion in total originations.
Source: Mortgage Daily