The forecast for refinance production during the current quarter has been raised by the nation’s mortgage bankers, though the rise was offset by a drop in expected purchase-money lending.

Overall second-quarter residential loan originations are expected to reach $445 billion. The total includes refinances and loans to finance a home purchase.

National mortgage production by all U.S. lenders is then expected to creep up to $450 billion the following three-month period before falling to $370 billion in the final quarter of this year.

Source: Mortgage Daily