From Nasdaq:

Shares of Federal National Mortgage Association (OTC: FNMA) are up 11.6% this week, along with the Federal Home Loan Mortgage Corp (OTC: FMCC) and Redfin (NASDAQ: RDFN), due to lower mortgage-interest rates. Fannie Mae’s Economic and Strategic Research (ESR) Group predicts a “mild economic downturn” in 2024 and a return to growth in 2025, with mortgage applications rebounding 15% already. Freddie Mac reported a 6.61% average mortgage rate for a 30-year fixed-rate loan. Redfin revealed a 9% spike in new listings and a 4% year-over-year decline in U.S. pending home sales. The Fed signaled at least three rate reductions in 2024. Redfin also recently revealed that only 15.5% home listings in the U.S. were “affordable” last year. The Motley Fool Stock Advisor analyst team identified “10 best stocks” for investors to buy now and Federal Home Loan Mortgage wasn’t one of them, indicating that it may not be the best stock to invest in.



Read more: Why Fannie Mae, Freddie Mac, and Redfin Soared This Week