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MortgagePoint May 2024

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MortgagePoint ยป Your Trusted Source for Mortgage Banking and Servicing News 80 May 2024 F I N A L T H O U G H T S "a double-edged sword" Redfin Senior Economist Elijah de la Campa discusses the one-two punch of high home prices and reveals how elevated housing costs have continued to hinder many Americans from purchasing a home. "hotter-than-expected" Hamilton Fout, Fannie Mae VP of Economic and Strategic Research, reveals interest rate expectations for 2024, projecting that economic growth and inflation could moderate in the future. "prime homebuying years" Odeta Kushi, Deputy Chief Economist at First American, talks about the outlook of existing-home sales in addition to millennials aging into what some would consider "the right age to buy a home." "good news for renters" Danielle Hale, Chief Economist for Realtor.com, explains that while rising housing costs are driving inflation, renters may find some relief in their search as prices are falling in many parts of the country. "a slow, upward drift" Doug Duncan, SVP and Chief Economist at Fannie Mae, details homebuyer sentiment amid inflation and elevated mortgage rates, revealing that "good time to buy" and "good time to sell" measures have gradually trekked upward despite buyers facing other financial hindrances. FINAL THOUGHTS In this month's Final Thoughts, experts touch on housing market figures and trends, offering their mortgage rate and inflation forecasts, examining the state of renting vs. buying, and revealing how homebuyers and renters feel about taking further steps toward homeownership.

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