Mortgage bankers have lowered their outlook for the second-quarter volume of loans made to finance a home purchase, though there was a slight bump in projected refinances.

Overall mortgage originations, including purchase financing and refinancing, is expected to work out to $346 billion during the first quarter of this year.

Production by all U.S. home lenders is then projected to reach $444 billion three months later and ascend further — to $450 billion — during the third quarter.

Source: Mortgage Daily