Overall, annual mortgage origination levels are expected to be $3.1 trillion in 2022 and $2.8 trillion 2023, down from $4.8 trillion in 2021.įreddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Refinance originations are expected to continue to soften, declining to $960 billion in 2022 and $535 billion in 2023. Home purchase mortgage originations are expected to increase to $2.1 trillion in 2022 and $2.2 trillion in 2023. Home sales are expected to be 6.7 million in 2022, decreasing to 6.6 million in 2023. House price growth was 17.8 percent in 2021. House price growth is expected to average 10.4 percent in 2022, slowing to 5.0 percent in 2023. In 2021, the 30-year FRM averaged 3.0 percent. The 30-year fixed-rate mortgage (FRM) is expected to average 4.6 percent in 2022 and 5.0 percent in 2023. “While the sharp increase in mortgage rates will lead to a precipitous drop in refinance originations in 2022, demand for housing continues to remain solid, propelled by the large swath of first-time homebuyers and prospective purchasers looking to lock in a mortgage rate before they increase further.”
“The Federal Reserve’s actions to address inflationary pressure are certainly impacting mortgage rates, which undoubtedly will affect the housing market,” said Sam Khater, Freddie Mac’s Chief Economist. But overall, the housing market will remain a bright spot in the U.S. A new Quarterly Forecast released by the company’s Chief Economist estimates that rising rates will lead to moderation in homebuyer demand and house price appreciation. MCLEAN, Va., Ap(GLOBE NEWSWIRE) - Freddie Mac (OTCQB: FMCC) today predicted that the single-family purchase market will remain solid in 2022 despite increases in mortgage rates.
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