The Mortgage Bankers Association is expecting a recession to hit in 2023, and expects rates to fall to 5.4% by the end of next year. “We’re beginning to see some significant signs of softening in the labor market,” “I do expect the next couple of months are gonna be a pretty abrupt transition.”

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via Marktwatch:

NASHVILLE, Tenn. — A mortgage industry group is expecting a recession to hit the U.S. economy.

“We’re forecasting a recession for next year,” Mike Fratantoni, senior vice president and chief economist at the Mortgage Bankers Association, said Sunday during the industry group’s annual conference in Nashville, Tenn.

“The upside of that potentially for the industry is, that’s the thing that’s likely going to bring rates down a little bit,” he added.

 

h/t  Dismal-Jellyfish

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