Mortgage Bankers Association predicts declining amounts of Mortgages

According to the Mortgage Bankers Association (MBA), the amount of Mortgages originated in 2008, 2009, and 2010 will be significantly less than what the market saw in 2007.

This forecast from December 11, 2008---will likely be updated now that the feds have agreed to buy mortgage related securities and the rates on the 30 year mortgage are at-or-near record lows. Consequently, I think the refinance estimates for 2009 may be on the low-side.