Bloom is off the refi boom

MBA backs off forecasted surge in lending

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Rising interest rates and a slow start to the Obama administration’s Making Home Affordable loan refinance program have the Mortgage Bankers Association retreating from an earlier prediction of big surge in mortgage originations in 2009.

In March, the MBA boosted its forecast for 2009 mortgage originations by $824 billion, saying it expected $1.96 trillion in refinancings would push total loan originations to $2.78 trillion.