Mortgage rates forecast

But an expected drop in refinancings as mortgage rates rise should more than cancel that out, resulting in declining overall volume through 2023.

This year will top the total volume generated in the housing boom year of 2003. Meanwhile, next year's 30-year FRM is predicted to stay at 2.8%.

Just a week after commenting that the bottom on mortgage rates was possibly reached, Freddie Mac reported that they fell 6 basis points to another record low.

Lower-than-expected rates will drive mortgage production this year, but they’ll have less of an impact in 2021.

Mortgage rates remained flat this week, a sign that the bottom has possibly been reached, but the housing market looks to remain strong for the near future, according to Freddie Mac.

But overall sentiment as measured by Fannie Mae continued to recover from the depths of this spring.

Mortgage rates fell back toward their all-time low this week, increasing purchasing power for homebuyers. But the lack of homes for sale drives up prices and reduces affordability, according to Freddie Mac.

Mortgage rates experienced a marginal uptick this week, rising three basis points. But they remained near record lows and possibly soon could track down again, according to Freddie Mac.

But the group is more conservative than Fannie Mae when it comes to interest rate movements over the next six quarters.