The rapid drop in mortgage interest rates in the last few weeks caused the Mortgage Bankers Association to revise its origination forecasts for 2015 and 2016, especially when it comes to refinancings.

However, the drop in rates will have little effect on fourth-quarter 2014 volumes because the majority of loans entering the application stage now won't be funded until 2015, explained Mike Fratantoni, the group's chief economist, speaking at its annual convention in Las Vegas.

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