Despite an upwardly revised Q3 GDP estimate, Fannie Mae’s Economic & Strategic Research Group has predicted a recession in 2023 and warned it could be worse than expected. The group estimates Q3 GDP will be 2.3% annualized, up from its earlier prediction of 1.3%. However, it says that the boost “is likely to prove temporary”…
Fannie Mae’s Economic and Strategic Research (ESR) Group has downwardly revised its full-year 2022 real GDP expectations, along with anticipated home sales and mortgage originations, according to the group’s latest forecast. They now expect full-year real GDP to grow at a reduced rate of 1.3%, a 0.8% decrease from their previous prediction, citing inflation, rising…
In its Economic and Housing Weekly Note, Nathaniel Drake of Fannie’s Economic and Strategic Research Group said that the full effects of rising interest rates have “yet to be felt.” “Especially given that the full effects of the recent rise in mortgage rates have yet to be felt, we expect existing home sales to continue…
Mortgage rates continued their upward march this week, averaging 4.42%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 4.42%. A year ago at this time, the 30-year FRM averaged 3.17%. “This week, the 30-year fixed-rate mortgage increased by more than a quarter of a percent…
Russia’s invasion of Ukraine is rippling through the U.S. economy, according to March commentary from Fannie Mae’s Economic and Strategic Research (ESR) Group. The ESR Group predicts full-year 2022 real GDP growth of 2.3%, down from last month’s projected 2.8%. The group also increased its predictions about the 30-year fixed mortgage, bumping its forecast up…
The Fannie Mae Economic and Strategic Research (ESR) Group boosted its expectation for full-year 2021 economic growth to 5.5% in its December commentary, up 0.7% from November’s projection. The group cited “stronger-than-anticipated consumer spending and inventory investment data” as the reason for its revised projection. Total home sales are now expected to increase 7.1% in…
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