Housing Market Stabilizing According to Freddie Mac Report

Freddie Mac released its quarterly Forecast on January 21 with a review of 2021 that cited the unemployment rate at 3.9% in December of 2021 and nonfarm payrolls still significantly below pre-pandemic levels. With the rise in inflation expected to be leveling off, Freddie forecasts mortgage rates to reach 3.6% in 2022 and 3.9% in 2023 and, based on current demand, expects home purchase mortgage originations to grow from $1.9 trillion in 2021 to $2.1 trillion in 2022, and $2.2 trillion in 2023.

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