Mortgage Daily

Published On: February 27, 2013

The outlook for refinance originations was lowered, prompting a reduction to the overall annual forecast for mortgage business this year and next year.

First-quarter mortgage production by U.S. residential lenders is projected to total $482 billion. That prediction was lowered from $489 billion last month.

The projection for second-quarter home-loan business was cut to $379 billion from the $394 billion in originations forecasted in January.

Refinances are expected to fall from $357 billion to $220 billion in the second quarter, according to the MBA Mortgage Finance Forecast from the Mortgage Bankers Association. Last month, refinances were expected to decline from $362 billion to $229 billion.

Refinance share is projected to fall from 74 percent in the first quarter to 58 percent.

Economists at the trade group have purchase financing at $125 billion in the first quarter, then climbing to $159 billion in the following three-month period.

MBA has full-year mortgage production retreating from $1.396 trillion in 2013 to $1.055 trillion in 2014. Last month’s report had volume falling from $1.410 trillion to $1.061 trillion.

Refinance production is projected to tumble from $0.808 trillion in 2013 to $0.346 trillion next year, less than the $0.818 trillion and $0.358 trillion predicted last month for the respective years.

Purchase business is expected to jump from $0.588 trillion to $0.709 trillion in 2014. This year’s expectations were reduced from $0.592 trillion predicted last month, but the 2014 outlook inched up to $0.709 trillion from $0.703 trillion.

FREE CALCULATORS TO HELP YOU SUCCEED
Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator

Tags

Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Date with Today’s Latest Rates

Mortgage

Today’s rates starting at

4.63%

5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at

4.75%

30 YEAR FIXED
$200,000 LOAN

Home Equity

Today’s rates starting at

3.99%

3 YEAR
$200,000 LOAN

HELOC

Today’s rates starting at

2.24%

30 YEAR FIXED
$200,000 LOAN