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Mark Hemingway

Mortgage Market Update for November 30th

Saturday, December 1, 2018 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Freddie Mac released its Economic & Housing Forecast for November revealing that it expects modest housing market growth in 2019. Freddie Mac expects home sales to increase 1% to 6.08 million units in 2019 and rise 2% in 2020 to 6.20 million units. Home prices are expected to rise 4.3% in 2019 and 2.9% in 2020. Freddie Mac expects GDP growth to average 3% in 2018, 2.4% in 2019 and 1.8% in 2020. The 30-year fixed-rate mortgage is forecasted to average 5.1% in 2019 and 5.6% in 2020.

The G-20 meeting kicks off today in Buenos Aries, Argentina and runs through the weekend. The big meeting will be between U.S. President Donald Trump and China's President Xi Jinping as the two leaders try to hammer out a trade deal after both sides recently slapped tariffs on imported goods. This morning, U.S. Trade Representative Lighthizer said he would be surprised if the dinner between President Trump and China's Xi Jinping "wasn't a success."

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