Quarterly origination estimates for this year drifted a little lower in Fannie Mae’s latest monthly economic outlook report.
The second-quarter 2013 one-to-four family unit mortgage estimate fell to $566 million from $573 billion the previous month, while the third-quarter estimate in this category fell to $359 billion from $399 billion, and the fourth-quarter estimate in this category fell to $261 billion from $302 billion.
Refinance percentage estimates also dropped, with the second quarter now pegged at 68%, down from 69%; the third-quarter estimate is now 53%, compared to 56%; and the fourth quarter is now 39%, down from 49%.
“We are keeping a very close eye on the effect of rising mortgage rates on the housing market and the economy, but our July forecast is little changed from last month,” said Fannie Mae chief economist Doug Duncan in the report.
Fellow government-sponsored enterprise Freddie Mac did not change its 2013 origination forecast in July when it released it earlier this month, but it did
