30-year fixed-rate mortgage, average in Western U.S. for week ending March 29, 2007. Blue line is Freddie Mac forecast made 3/8/2007.
“Recent data releases sent conflicting signals about the direction of the housing market,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The rise in existing home sales in February to a 6.69 million unit pace, the highest level since last April, offered some hope of firming in housing demand. In contrast, February’s new home sales fell unexpectedly to 848,000 units, the slowest pace since June 2000, suggesting that more time will be needed before a housing recovery takes place.
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