Fannie Mae's economists have revised a lot of their forecast from last month as new data has come in. The outlook for the 2021 GDP has been revised modestly to 7.1 percent from 7.0 percent on a Q4-over-Q4 basis. The revision was due to data indicating stronger second quarter growth in personal consumption which they expect was driven heavily by inventory restocking and will decelerate significantly in the second half of the year. They also moved the 2022 growth forecast down one-tenth to 2.7 percent and revised upward their inflation forecast. As did the Federal Reserve on Wednesday, Fannie Mae says much of the recent uptick in inflation was transitory , but price pressures are likely to last into 2022. Lagging effects stemming from recent rapid house price growth will generate upwrd pressure

June 22, 2021 Download our Mobile App: Download our Mobile App: Rob Chrisman Reverse, Non-QM, Pricing, Work Flow, Products; STRATMOR and Customer Service; NOO and 2nd Home Agency Changes Is office work returning? Some watch traffic patterns, and, sure ‘nuff, cars on the freeways of Los Angeles are traveling slower indicating that the city is returning to a sense of “normalcy.” On the northbound I-5 freeway in June 2... (read more) Housing News Inflation Holds Key to Fannie Mae's New Forecast Fannie Mae's economists have revised a lot of their forecast from last month as new data has come in. The outlook for the 2021 GDP has been revised modestly to 7.1 percent from 7.0 percent on a Q4-over-Q4 basis. The revision was due to data indicatin... (read more) Housing News May Housing Starts Post Modest Recovery from April's Slump Housing starts recovered in May after falling more than 9 percent in April but permitting had another lackluster month. The U.S. Census Bureau and Department of Housing and Urban Development report that residential units were started at a seasonally ... (read more) Mortgage Rates No, Mortgage Rates Aren't Lower Today! 30 Yr. Fixed Rate 6.73% +0.06% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.73% +0.06 0.00 15 Yr. Fixed 5.97% +0.06 0.00 30 Yr. FHA 6.25% +0.06 0.00 30 Yr. Jumbo 6.84% +0.04 0.00 7/6 SOFR ARM 6.33% +0.04 0.00 30 Yr. VA 6.26% +0.06 0.00 Updates Daily - Last Update: 7/2 15 Yr. Fixed Rate 5.97% +0.06% Rate Change Points Freddie Mac 30 Yr. Fixed 6.77% -0.04 0.00 15 Yr. Fixed 5.89% -0.07 0.00 Updates Weekly - Last Update: 6/26 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.88% +0.04 0.63 15 Yr. Fixed 6.11% -0.03 0.74 30 Yr. Jumbo 6.88% +0.07 0.60 Updates Weekly - Last Update: 6/25 MBS / Treasuries MBS Live Day Ahead: Waiting On Powell Testimony UMBS 30YR 5.5 99.93 +0.09 Price / Yield Change MBS UMBS 5.5 99.93 +0.09 UMBS 6.0 101.63 +0.07 GNMA 5.5 100.07 +0.11 GNMA 6.0 101.48 +0.07 Pricing as of: 7/2 11:14PM EST 10 Year US Treasury 4.2602 -0.0196 Price / Yield Change US Treasury 2 YR Treasury 3.763 -0.025 5 YR Treasury 3.844 -0.024 7 YR Treasury 4.032 -0.024 10 YR Treasury 4.260 -0.020 30 YR Treasury 4.789 -0.020 Pricing as of: 7/2 11:14PM EST Latest Video Powell: Much of inflation rise is from categories affected by pandemic Powell: Dollar is the world's reserve currency, nothing else is close Fed's Jerome Powell on how the U.S. can get back on a sustainable path It's too soon to raise rates and would lead to deflation, says Mizuho econo... Around the Web Reuters Fed will not raise rates on inflation fears alone, Powell says Calculated Risk Blog MBA Survey: "Share of Mortgage Loans in Forbearance Decreases to 3.93%" Calculated Risk Blog DOT: Vehicle Miles Driven Increased Sharply year-over-year in April Calculated Risk Blog Comments on May Existing Home Sales Calculated Risk Blog NAR: Existing-Home Sales Decreased to 5.80 million in May CNBC 10-year Treasury yield sits below 1.50% ahead of Fed Chair Powell's Congress testimony Reuters U.S. lawmakers likely to press Powell on Fed's hawkish' turn Reuters Analysis: Fed's "big tent" framework may fray under inflation surge Calculated Risk Blog Housing Inventory June 21st Update: Inventory Increased Week-over-week Calculated Risk Blog Housing: A Somewhat Similar Period Calculated Risk Blog Seven High Frequency Indicators for the Economy CNBC Here's why the market may be wrong about the Federal Reserve and interest rates Reuters Wall St rebounds after Fed-induced pullback

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