Turning point for mortgage industry: Fannie Mae’s 2024 projections

By: ameer@trustedteam.com

The ESR Group’s forecast also predicted home price growth moderation in 2024, with an expected increase of 3.2% over the year, a slowdown from the 7.1% rise in 2023.

Additionally, the ESR Group has updated its economic growth predictions for 2024. Initially anticipating a modest recession, the group now foresees positive, albeit below-trend, growth. This revised outlook followed the Federal Reserve’s December meeting and recent improvements in financial conditions and real personal income growth. However, the forecast is not without its uncertainties and risks, including a higher-than-usual likelihood of a recession.

But overall, the group “expects 2024 to be a better year than 2023 for homebuyer affordability and the mortgage industry.”

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