The average rate on a 30-year, fixed-rate mortgage could hit 2.9% in 2021, according to Fannie Mae's April housing forecast!
The housing market growth with the current situation is unknown; however, mortgage rates and a desire for more space could drive our market up. After all, would you rather a few hundred cows within a mile radius or a few hundred people?
The forecasted low-interest rates for 2021 also predict a significant uptick in mortgage originations. The forecast is calling for purchase and refinance originations above 2019 levels in 2021.
The forecast anticipates, overall, a 3.1 percent contraction in real gross domestic product, followed by a rebound of 4.8 percent in 2021.
“The historically rapid decline in economic activity,…
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