The pipeline for mortgages heading into the first quarter is slightly stronger than a month earlier, but otherwise Mortgage Bankers Association economists indicated no other changes in their latest forecast.
The Dec. 21 forecast for purchase originations was revised 4% for next year's first quarter, an amount that is 12.5% higher than a year earlier. Refinance originations for the first quarter was revised 3.3% to $317 billion — a 59% drop from a year earlier.
The net effect was a 3.7% upward revision for total originations since its Nov. 22 forecast. They are expected to be $677 billion for the first quarter, down 38% from a year earlier.
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