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Sunday, January 23, 2011
Freddie Mac's Chief Economist forecasts increase in mortgage rate by year end
At the NAHB's International Builder's Show recently held in Orlando, Frank Nothaft, Chief Economist for Freddie Mac predicted fixed-rate mortgages will move up from their current 4.75 percent to the 5.75 percent range by the end of this year. This will push total single-family mortgage originations down about 30 percent below the 2010 level as refinancings fall sharply in the face of rising mortgage rates. Link