The share of mortgage refinance loans had been on the rise over the past several weeks, and now make up more than half of new applications. But because volume is rising from such a low point, no one is calling the situation a boom yet.

Overall volume is expected to end the third quarter only slightly higher than three months prior, according to Fannie Mae's September forecast, because purchases have not come back in any great numbers yet. But mortgage lenders need to prepare now, including by staffing up, for when those refis start rolling in, especially coming from anyone who purchased a home in the last couple of years.

The Fannie Mae forecast expects fourth quarter refi volume to be around $138 billion, well ahead of the $85 billion in the third quarter. In the first three quarters of 2025, refi volume should be $150 billion, $174 billion and $164 billion in each period, before ending the year at $161 billion.

Jay Venkateswaran is the business unit head of banking and financial services at operations management company WNS Global Services. In that role, he handles anything from strategy to execution to client relations.

The following are excerpts from a conversation Venkateswaran had with National Mortgage News. Both questions and answers were edited for length and clarity.