15.1 15.2 15.3 15.4 16.1 16.2 16.3 16.4 17.1 17.2 17.3 17.4 2015 2016 2017

Housing Starts and Sales (SAAR, Thous. Units)

Housing Starts 978 1,158 1,158 1,135 1,155 1,212 1,257 1,296 1,340 1,347 1,361 1,371 1,112 1,230 1,355

 Single-Family (1 Unit) 643 706 745 757 785 800 836 861 905 917 936 951 715 821 927

 Percent Change: Year-over-Year 10.3% 14.8% 13.0%

 Multifamily (2+ Units) 335 451 414 379 370 412 421 435 435 430 425 420 397 410 428

New Single-Family Home Sales 517 497 488 510 511 531 560 579 601 609 623 634 501 545 617

 Percent Change: Year-over-Year 14.6% 8.9% 13.1%

Total Existing Home Sales (Single-Family, Condos and Co-Ops) 5,050 5,280 5,403 5,200 5,265 5,367 5,424 5,450 5,503 5,501 5,530 5,585 5,250 5,376 5,530

 Percent Change: Year-over-Year 6.3% 2.4% 2.9%

Total Home Sales (New + Existing) 5,567 5,777 5,891 5,710 5,776 5,898 5,984 6,029 6,104 6,111 6,153 6,219 5,751 5,922 6,147

 Percent Change: Year-over-Year 7.0% 3.0% 3.8%

Home Prices (NSA, Thous. $)

Median New 293 290 301 304 307 302 314 319 322 315 327 332 297 311 324

Median Total Existing 203 228 227 221 213 237 237 232 224 248 247 241 220 230 240

FHFA Purchase-Only Index (% Change: Quarterly YoY, Annual Q4/Q4) 5.3% 5.6% 5.7% 5.8% 5.1% 4.5% 4.6% 5.2% 5.2% 4.5% 4.3% 3.9% 5.8% 5.2% 3.9%

Mortgage Rates (Percent)

30-Year Fixed Rate Mortgage 3.7 3.8 4.0 3.9 3.7 3.7 3.7 3.7 3.8 3.8 3.8 3.9 3.9 3.7 3.8

5-Year Adjustable Rate Mortgage 2.9 2.9 2.9 3.0 2.9 3.0 3.0 3.1 3.1 3.1 3.2 3.2 2.9 3.0 3.2

Single-Family Mortgage Originations (NSA, Bil. $, 1-4 Units)

Mortgage Originations 394 508 434 375 331 444 413 367 304 391 388 350 1,711 1,555 1,434

 Purchase 165 269 271 211 164 266 271 239 184 278 282 250 916 940 994

 Refinance 229 239 164 163 167 178 142 128 120 113 106 100 795 615 440

Refinance Share (%) 58% 47% 38% 44% 51% 40% 34% 35% 40% 29% 27% 29% 46% 40% 31%

April 8, 2016

Note: Interest rate forecasts are based on rates from March 31, 2016.

Note: Unshaded areas denote actuals. Shaded areas denote forecasts.

Sources: Actuals: Census Bureau, National Association of REALTORS®, Federal Housing Finance Agency, Freddie Mac, Federal Reserve Board. Forecasts: Fannie Mae Economic & Strategic Research Group

Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae's business 

prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR group 

bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current or suitable for any 

particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the 

ESR group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

Housing Forecast: April 2016

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