Mortgage originations are expected to fall below $1 trillion in 2011 for the first time in nearly 15 years, according to iEmergent. The research firm predicts originations should come in between an estimated $904 billion and $991 billion, but most likely on lower end of the range if mortgage rates rise. In addition, the total volume of refinancing is seen plunging by around one-third with dollar volume for them sliding 29%, and the average loan size decreasing as a result of continued falling house prices.

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