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 986 1,156 1,156 1,135 1,147 1,187 1,236 1,285 1,340 1,347 1,361 1,371 1,112 1,214 1,355

 Single-Family (1 Unit) 643 709 745 755 791 775 815 850 905 917 936 951 715 808 927

 Percent Change: Year-over-Year 10.3% 13.1% 14.8%

 Multifamily (2+ Units) 343 447 411 380 356 412 421 435 435 430 425 420 397 406 428

New Single-Family Home Sales 521 493 487 508 532 564 571 581 590 610 624 634 501 562 614

 Percent Change: Year-over-Year 14.6% 12.1% 9.4%

Total Existing Home Sales (Single-Family, Condos and Co-Ops) 5,050 5,280 5,403 5,200 5,290 5,443 5,423 5,450 5,504 5,502 5,530 5,585 5,250 5,401 5,530

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

Total Home Sales (New + Existing) 5,571 5,773 5,890 5,708 5,822 6,006 5,994 6,031 6,094 6,112 6,153 6,219 5,751 5,963 6,144

 Percent Change: Year-over-Year 7.0% 3.7% 3.0%

Home Prices (NSA, Thous. $)

Median New 293 290 301 305 299 302 314 320 313 315 327 332 297 309 322

Median Total Existing 203 228 227 221 216 237 237 232 226 248 247 241 220 230 240

FHFA Purchase-Only Index (% Change: Quarterly YoY, Annual Q4/Q4) 5.3% 5.6% 5.7% 5.9% 5.7% 4.5% 4.6% 5.2% 5.2% 4.5% 4.3% 3.9% 5.9% 5.2% 3.9%

Mortgage Rates (Percent)

30-Year Fixed Rate Mortgage 3.7 3.8 4.0 3.9 3.7 3.6 3.6 3.7 3.7 3.8 3.8 3.8 3.9 3.7 3.8

5-Year Adjustable Rate Mortgage 2.9 2.9 2.9 3.0 2.9 2.8 2.9 3.0 3.1 3.1 3.2 3.2 2.9 2.9 3.1

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

Mortgage Originations 394 508 434 374 343 482 457 381 308 395 393 354 1,711 1,663 1,450

 Purchase 165 269 271 211 180 284 287 253 187 282 287 254 916 1,004 1,010

 Refinance 229 239 164 163 162 198 170 128 120 113 106 100 795 659 440

Refinance Share (%) 58% 47% 38% 44% 47% 41% 37% 34% 39% 29% 27% 28% 46% 40% 30%

June 8, 2016

Note: Interest rate forecasts are based on rates from May 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: June 2016

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