Economic growth is expected to slow and housing affordability could reach the lowest levels since 2008, according to a press release from Fannie Mae. They downgraded their expectations for 2022 real GDP growth from 3.1 percent to 2.8 percent due to expectations of rate increases by the Federal Reserve and “worker scarce labor market”. Housing affordability is expected to drop to 2008 levels due to rising mortgage interest rates and higher home prices.
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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 4% for the current mortgage rates (at the time of filming this video). This is mixed news if you’re a homebuyer right now or if you’re a homeowner looking to refinance.
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
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Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.
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#inflation #housingaffordability #FannieMae