A recession is likely to arrive sooner rather than later, Fannie Mae says
National Mortgage News
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Fannie Mae had some dour predictions in its latest economic forecast. Following its pronouncement last month that a recession is coming in 2023, the government-sponsored enterprise reveal in a report today that it now expects a downturn much sooner. Without some sustained price relief on durable goods, energy, and food in coming quarters — in order for real income growth to return to positive territory — the possibility of a late-2022 recession becomes more likely.
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In other news today:
The 30-year fixed-rate mortgage average dropped 5 basis points to 5.25% from 5.3% one week earlier for the seven-day period ending May 19, according to Freddie Mac’s Primary Mortgage Market Survey. The current 30-year average is 125 basis points above its level of one year ago, when it came in at 3%.??
The story is not improving for the lender and servicer, with reports surfacing that it is offering buyouts to workers in India. The lender, which has already spent up to $84.1 million in layoff expenses, cut approximately 920 workers in India, TechCrunch and local media outlets first reported.?
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Mortgage Loan Officer, XCO? at Paramount Residential Mortgage Group Inc. (PRMG Inc.) NMLS #1851481
2 年As we know, the economic condition as it is cannot continue for long periods. Most of us cannot not sustain these price increases across the board.
Marketing Leader | Financial Services
2 年Good time to consider automating mortgage origination. We just launched an automated origination workflow to help lenders manage some of the new cost and resource pressures: https://indecomm.com/geniusworks-intelligent-mortgage-origination-workflow
Company Owner
2 年Thank you for sharing.