· The negative headlines around the financial markets are concerning,” said Sam Khater, chief economist at Freddie Mac. But the economy remains healthy, so the drop in mortgage rates should stem or even reverse the slide in home sales that occurred during the second half of 2018.”
Freddie Mac’s chief economist is optimistic that the housing market and economy will improve in the second half of 2011. Freddie Mac Chief economist frank nothaft said mortgage rates will likely remain historical lows of between 4.5 percent and 5 percent for the remainder of the year. Also, he expects more buyers to stop waiting on the sidelines as recent price drops in home prices have improved affordability. Nothaft said consumers’ uncertainty about the economy has caused them to delay.
Freddie Mac reports the following national averages with mortgage rates for the week ending June 27: 30-year fixed-rate mortgages: averaged 3.73%, with an average 0.5 point, falling from last week’s 3.84% average. Last year at this time, 30-year rates averaged 4.55%
The supply-demand gap will likely continue into the second half of the year as millennial demand continues to grow, and supply for starter homes lags.” Palim agreed.
Former Fannie execs denied dismissal of subprime fraud suit Franklin Delano Raines (born January 14, 1949) also known as Frank Raines is an American business executive. He is the former chairman and chief executive officer of the Federal National Mortgage Association, commonly known as Fannie Mae, who served as White House budget director under President Bill Clinton.His role leading Fannie Mae has come under scrutiny.
"The negative headlines around the financial markets are concerning," said Sam Khater, chief economist at Freddie Mac. "But the economy remains healthy, so the drop in mortgage rates should stem or even reverse the slide in home sales that occurred during the second half of 2018."
Frank Nothaft, chief economist for Freddie Mac, recently released a optimistic forecast that envisions a gradual economic recovery this year, especially in the second half of 2011 when job creation picks up steam.
Freddie Mac has released its U.S. Economic and Housing Market Outlook for August, showing that despite the lackluster jobs recovery four years into the economic recovery, housing will continue to provide an increasingly positive boost to GDP in the second half of 2013. Four years of recovery have only brought lackluster growth.
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Freddie Mac’s chief economist sees home prices bottoming in the first six months. He expects mortgage rates to edge up slightly but still remain at historically low levels. Overall, home sales are forecast to be up from 4% to 10% year-over-year and for new construction to be up by 20%.