“As mortgage rates rise, we do expect some moderation in housing demand, causing house price growth to temper. However, the combination of a large number of entry-level homebuyers facing a shortage of entry-level inventory of homes for sale should keep the housing market competitive,” said
Specific findings include:
- The average 30-year fixed-rate mortgage (FRM) is expected to be 3.6 percent in 2022 and 3.9 percent in 2023. In 2021, the 30-year FRM averaged 3.0 percent.
- House price growth is expected to be 6.2 percent in 2022, slowing to 2.5 percent in 2023. House price growth was 15.9 percent in 2021.
- Home sales are expected to be 6.9 million in 2022, increasing to 7.0 million in 2023. Home sales were 6.9 million in 2021.
- Home purchase mortgage originations are expected to increase from 1.9 trillion in 2021 to
$2.1 trillion in 2022 and$2.2 trillion in 2023. - Refinance originations are expected to continue to soften, declining from
$2.7 trillion in 2021 to$1.2 trillion in 2022 and$930 billion in 2023. - Overall, annual mortgage origination levels are expected to be
$3.3 trillion in 2022 and$3.1 trillion 2023, down from$4.7 trillion in 2021.
MEDIA CONTACT:
703-714-0644
Angela_Waugaman@FreddieMac.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/639eeaeb-9836-47f0-8dee-08bdb8566a25
Forecast Snapshot
January 2022
2022 GlobeNewswire, Inc., source