Fannie Mae's ESR Group has downgraded its home sales and mortgage origination forecasts for 2024-2025, while raising its GDP growth outlook to 1.9%. Home sales are projected at 4.78 million in 2024 and 5.19 million in 2025, with weak demand reflected in low mortgage applications. Purchase mortgage originations are expected to be $1.325 trillion in 2024, down $31 billion from previous estimates. Despite lower mortgage rates, affordability issues persist, leading to continued sluggishness in home sales.
Continue to full article
Leave a Reply