【Freddie Mac】Quarterly Forecast: As the Economy Recovers, the Housing Market Remains Healthy While Mortgage Rates Move Up (April 2021)

Availability of the vaccine continues to improve, and COVID-19 restrictions are easing therefore sparking economic growth. With the passage of the American Rescue Plan Act of 2021, which included payments of up to $1,400 for individuals, $2,800 for married couples plus $1,400 for each dependent, consumer confidence in March reached the highest level since the start of the pandemic. The labor market is also recovering, adding a better than expected 916,000 jobs in March, the largest monthly gain since August 2020. However, the labor market still needs to add 8.4 million jobs in order to get back to the pre-pandemic level. As the economy continues to improve, we expect conditions to remain generally favorable for the housing and mortgage market through 2022.

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