The U.S. economy is showing signs of improvement, with GDP growth projected to adjust from 3.2% in 2023 to 2.3% in 2024, according to Fanny Mae’s ESR Group.
Revised personal income data indicates consumption growth is more aligned with historical levels, allowing for sustainable economic growth through the forecast period.
The ESR Group has adjusted its mortgage rate predictions, now expecting the 30-year mortgage rate to drop to 6.0% by the end of the year, down from 6.2%.
Home-price growth is also anticipated to rise, with projections pointing to a 5.8% increase in 2024 and a 3.6% increase in 2025.
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