Why Fannie Mae, Freddie Mac, and Redfin Soared This Week
Shares of Federal National Mortgage Association (OTC: FNMA), also known as Fannie Mae, are up 11.6% this week as of Thursday's close, according to data provided by S&P Global Market Intelligence. Federal Home Loan Mortgage Corp (OTC: FMCC), also known as Freddie Mac, and online real estate platform Redfin (NASDAQ: RDFN) are also each up more than 9% this week as of this writing.
Their catalyst in common: Lower mortgage-interest rates are bolstering home affordability, mortgage activity, and new home listings.
In a press release last week, Fannie Mae's Economic and Strategic Research (ESR) Group predicted a "mild economic downturn" in 2024, "including stretched consumer spending relative to personal incomes and the continued effects of restrictive monetary policy still working through the economy."
Source Fool.com
