Forecasters expect U.S. economic growth to slow down slightly over the next four years as unemployment remains steady. According to the Q3 2015 Survey of Professional Forecasters by the Federal Reserve Bank of Philadelphia, 42 forecasters expect real GDP to grow at an annual rate of 2.7 percent this quarter and 2.8 percent next quarter.
Annually, those surveyed indicated that real GDP will grow 2.3 percent in 2015, slightly lower than the previous estimate of 2.4 percent. The forecasters predicted similar results as the last survey for unemployment, noting that it will be an annual average of 5 point 3 percent in 2015, before falling to 5 percent in 2016, Projections for the annual-average level of nonfarm payroll employment are at a monthly rate of 244, 200 in 2015, up slightly from the previous estimate of 243,900.
Applications for new home purchases dropped 4 percent in July compared to the prior month, according to the Mortgage Bankers Association Builder Application Survey data for July 2015. Conventional loans made up 63.4 percent of loan applications, FHA loans made up 18.8 percent, RHS/USDA loans made up 4 point 9 percent, and VA loans made up 12.9 percent. The average loan size of new homes decreased from $321,678 in June to $316,995 dollars in July.