GSEs

Along with a lack of inventory in the nation’s housing supply, Freddie Mac reports the 30-year fixed-rate mortgage continues to edge toward the 7% mark, further dampening the spring homebuying season.

A series of actions set forth by the Biden Administration aims to strike out appraisal bias and level the playing field in building generational wealth via homeownership.

Freddie Mac reports a week-over-week rise of 18-basis points in mortgage rates, further contributing to a sluggish and slow spring season for the national housing market.

“Though mortgage rates are substantially higher than they have been on average over the past decade, from an historic perspective rates are about average,” Freddie Mac said.

The House Financial Services Committee hosted a panel featuring Edward J. DeMarco of the Housing Policy Council and NAR President Kenny Parcell discussing loan-level price adjustments used by Fannie Mae and Freddie Mac and their impact on the mortgage marketplace.

“There are select data available to support several alternative views of the path of the economy, though we maintain our view that a modest recession will begin in the second half of 2023,” said Doug Duncan, SVP and Chief Economist at Fannie Mae.

Freddie Mac reports that, after retreating for two consecutive weeks, the 30-year fixed-rate mortgage edged back upward this week, nearing the 6.40%-mark, and forcing app volume downward.

The GSE names both national and local lending companies, as well as their loan originators, who have made a commitment to making responsible and sustainable homeownership a reality nationwide.

Prospective spring home buyers have responded to a second straight week of falling rates according to Freddie Mac, as they pounce on the nation’s limited housing supply, and have driven app volume upward.

The Home Purchase Sentiment Index published monthly by Fannie Mae reported yet another increase to its highest level since May 2022, mainly due to greater consumer optimism about mortgage rates.