Even though purchase-money production is expected to increase by nearly $50 billion between this year and next year, refinances are expected to decline by more than $60 billion.

When the current quarter ends, a total of $443 billion in loans that are secured by one-to-four family properties are forecasted to have been closed.

Mortgage originations are expected to sink to $370 billion in the fourth quarter then deescalate further, to $328 billion, during the first-three months of next year.

Source: Mortgage Daily