Tag Archives: Unemployment

While the “if” and “when” of a recession remain uncertain, the Fannie Mae Economic and Strategic Research Group does forecast one to occur, expected to begin in the first half of 2024—despite increased chances of a “soft landing.”

Freddie Mac Chief Economist Sam Khater points out that "upward pressure on rates is the product of a resilient economy with low unemployment and strong wage growth, which historically has kept purchase demand solid.”

The 2023 mortgage market began on a positive note, as Freddie Mac reported a week-over-week slide in mortgage rates leading to an uptick in refinance apps.

This latest action by the Federal Reserve to raise rates is intended to remove money from the economy, reduce demand, and drive prices lower as inflation nears a 40-year high.

ATTOM data has found that Mid-Atlantic states, California, and Illinois were more vulnerable to housing market declines in the third quarter.

As mortgage rates remain in the 7% range, app volume fell slightly this week, with the refinance share of volume hitting a low last seen in August of 2000.

As fixed-rate mortgages continue to edge toward 7%, the MBA reports refinance volume has dropped off nearly 90% from last year’s totals, as both refinancing and home purchase apps declined and fell further behind last year’s record levels.

A new study from Freddie Mac found that nearly 60% of renters saw their rent increase over the past 12 months, with just 38% of those polled seeing an increase in their wages to offset this hike.

Sales of new single‐family houses were at a seasonally adjusted annual rate of 772,000 in February, falling 2% below January’s rate of 788,000.

Mortgage rates have soared to levels last seen prior to the pandemic, as high inflation and strong consumer spending contributed to this upward rate drive.