WASHINGTON – With no let-up in site to the continuing trend in low mortgage rates, the Mortgage Bankers of America is forecasting that $3.0 trillion in mortgages will be written during 2003. If that happens then it would beat last year's record volume by more than half a trillion dollars, the MBA says. The association also estimates that about $1.95 trillion of that, or 65%, will result from mortgage refinancings. MBA is continuing to forecast that purchase originations – mortgages used to purchase a home – will also set a record in 2003 of more than $1 trillion. – [email protected]
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