Growth and Strong Labor Market Make Americans Upbeat

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Mortgage and Lending with The Federal Savings Bank/Lending in 50 states NMLS # 109616

Americans grew more upbeat on the US economy in early May after solid growth was recorded in the first quarter of 2019 along with a strong labor market. The Consumer Sentiment Index in early May rose to 102.4 this month, the highest level in 15 years though the survey was conducted before the recent negative headlines from the US - China trade wars. The survey went on to say that consumers viewed prospects for the overall economy much more favorably, with the economic outlook for the near and longer term reaching their highest level since 2004.

Due to the low mortgage rate environment, Freddie Mac says the refinance share of the market will increase from 30% of all originations in 2018 to 33% by the end of the year. Freddie also says that it sees house price growth at 3.6% in 2019 moderating to 2.6% in 2020. On the origination front, Freddie Mac sees total originations at 1.7 trillion in 2019, up from 1.6 trillion in 2018. In conclusion, the combined positive impact of low mortgage rates, a strong labor market, low unemployment, and modest wage growth supports Freddie Mac's forecast for a steadily growing housing market in 2019.

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