The Woodstock revival may be an the rage among baby boomers lately, but the secondary mortgage market agencies aren't showing any signs of returning to last year's refi-driven summer of love as purchase volumes continue to drop. But while the bad vibes continue for Fannie Mae and Freddie Mac, some lenders have spotted a rainbow forming over at Ginnie Mae.

Ginnie's purchase volumes are up considerably over a year ago, mostly because of the last surge of low interest rate originations that continued through the first quarter. And although Mortgage Marketplace has projected Ginnie's purchase volume to drop by more than $6.6 billion in 1994, some lenders point out a variety of reasons, for showing more interest in Ginnie.

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