Fannie Mae calls for mortgage rates to average 6.4% by the end of this year and 5.9% by the end of next year. At HousingWire‘s Mortgage Rates Center on Wednesday, 30-year conventional loan rates averaged 6.68%.
In a continuation of an ongoing trend, Fannie economists believe that new-home sales will continue to outperform existing-home sales “as strong
Mortgage rates have moved lower in recent months, but Fannie Mae economists said Wednesday that this won’t be enough to increase the number of homes sold in the foreseeable future.
Fannie Mae’s Economic and Strategic Research (ESR) Group downgraded its forecasts for 2024 and 2025 home sales based on a number of reliable metrics that have “barely budged in response to the more favorable rate environment.“ These include purchase mortgage application levels, home tour requests and online views of listings.
The ESR Group now expects 4.78 million home sales in 2024 (down from 4.81 million in its prior details ⇒
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