Six KEY Things About The Mortgage World This Week

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Six KEY Things About The Mortgage World This Week - December 30, 2019
 


1

As 2019 comes to a close, there is growing optimism that 2020 will be a strong year for the U.S. economy, and residential housing in particular.



2

Low mortgage rates, growing incomes, low unemployment, healthy consumer spending, and fading recession expectations all point to strength in housing.

3

Millennials’ growing financial readiness will continue to power demand for homes, while homebuilders’ ramped-up production will continue to help combat inventory shortages.



4

Fannie Mae’s latest forecast was very positive as the 2020 GDP forecast was boosted by .2% to 2.1%.



5

Freddie Mac’s economic forecast also projects 2020 home sales to increase from 6M. in 2019 to 6.2M. units next year.



6

The Freddie Mac forecast also projects mortgage rates to average 3.8% next year while home appreciation slows from 3.2% in 2019 to 2.8% in 2020.

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RATE UPDATE

With little economic data released last week, mortgage rates held steady through the holiday week.

THIS WEEK

Pending Home Sales are due out on Monday, Consumer Confidence on Tuesday, and both Jobless Claims and ISM Manufacturing on Thursday.

Information contained in this document is subject to change without notification. Source: mbsquoteline

 

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