Economist's Commentary: May 28, 2008
Quick Take on the Economy: May 28, 2008
By Ken Fears, Manager, Regional Economics
Mortgage Applications - Mortgage Bankers Association
- Rose from 352.5 to 352.7 this week.
What does this mean for Realtors ® and consumers?
- Applications remain well off their level from the same time period in 2007.
- Consternation about the slow economy, jobs, and gas prices has forced some buyers to the sidelines.
- Those with better finances are waiting for "better deals" and trying to time the market. Buyers will jump back in as rates rise, forcing the issue.
Daily Forecast Update
- NAR's monthly official forecast as of May 7th (15K PDF)
- GDP Q2: 0.6%
- GDP Q3: 2.0%
- Unemployment rate by election time: 5.5%
- Average 30-year fixed mortgage rate in June: 6.1%
- Average 30-year fixed mortgage rate in December: 6.2%
- The next Fed policy change: a rate hike in January 2009.
This is one in a series of commentaries by the Research staff of the National Association of REALTORS®. Read more commentaries >
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