Ongoing interest rate ebbs and flows, refi market outlooks and advice on crafting a 2024 budget that meets current economic conditions are just a few topics discussed by Fannie Mae Chief Economist Doug Duncan in October Research’s latest Economic Forecast webinar.
Duncan is responsible for Fannie Mae’s forecasts and analyses of the housing and mortgage markets as well as the broader economy, with his team winning the prestigious 2022 Lawrence R. Klein Award for Blue Chip Forecast Accuracy in the 2018-2021 period.
“The Fed moved quickly to increase interest rates to attempt to get inflation to stop growing and ultimately return to their 2 percent target,” said Duncan. “They’re not there yet but they’re getting closer. Our perspective is that the Fed is going to hold rates where they are for a long time. If you look at our forecast, the next rate move we have is the Fed cutting rates, but not until the middle of 2024.”
Discussion also touches on unemployment rates, latest national housing surveys, expectations for Federal Reserve interest rate hikes and more.
Be sure to tune in as Duncan shares his expertise on what the housing market can expect in the fourth quarter of 2023 and the coming year.
The roughly 30-minute session recorded Oct. 24 can be accessed here.