The Mortgage Bankers Association (MBA) lowered its forecast for purchase loan originations to $677 billion for 2014 from the $711 billion it had predicted previously. Though the trade group believes volume will be lower than it initially expected, volume this year is still forecast to be 3.8 percent higher than in 2013.

“Despite an economic outlook of steady growth and a recovering job market, mortgage applications have been decreasing — likely due to a combination of rising rates and regulatory implementation, specifically the new qualified mortgage rule,” said Mike Fratantoni, chief economist at the MBA, in a statement.

Source: MBA

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