Despite Rising Rates: With July approaching its last week, economists at Fannie Mae are maintaining their forecast for greater economic growth in the second half of 2013.
In its latest Economic and Housing Outlook, Fannie Mae’s Economic and Strategic Research Group points to steady year-to-date job creation, high consumer confidence, and positive housing data as proof the economy is on a positive, though modest, growth path.
“We are keeping a very close eye on the effect of rising mortgage rates on the housing market and the economy, but our July forecast is little changed from last month,” said Doug Duncan, chief economist at Fannie Mae. “We continue to see growth in housing, partly due to an increase in existing home sales as buyers choose to act while rates remain near historic lows.” Mortgage Rate Relief Coming?
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