Interest rates will fall next year, sparking a refinancing wave that will push mortgage originations past $765 billion in 1998, and to nearly $800 billion in 1999, according to an economic forecast from Fannie Mae.

The dip in rates, after a possible bump up later this year, should cushion the mortgage industry during the economy's inevitable slowdown, according to Fannie Mae's chief economist, David W. Berson.

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