Consumers expecting lower mortgage rates less optimistic about buying

The average mortgage consumer almost never expects lower rates. According to Fannie Mae’s monthly National Housing Survey, consumers are not very good at predicting when rates will rise or drop. Fannie Mae polls 1,000 U.S. consumers at random each month to determine overall sentiment about the housing industry and economy.

While mortgage rate optimism kept consumer confidence about the home purchase market high in June, affordability worries pulled overall sentiment lower, a Fannie Mae survey said. Fannie Mae’s Home Purchase Sentiment Index for June was 91.5, down from 92 in May (the second highest ever) but up from 90.7 in June 2018.

A decrease in the "Good Time to Buy" component helped drive the index lower, despite another supportive mortgage rate outlook from consumers. The net share of respondents expecting mortgage. back.

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Last June, mortgage credit availability was slightly up, an indication of looser lending standards, according to the Mortgage Bankers Association.Coincidentally, consumers showed more optimism in getting a mortgage last month per a separate housing index by Fannie Mae.

Mortgage rates rose for the first time in 12-weeks in the week ending 31 st January. 30-year fixed rates increased by 1 percentage point to 4.46%, according to figures released by Freddie Mac.

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And that could make the difference between getting their dream home or settling for something less. the recent rate drop, we’re expecting this to be a particularly busy home-buying season – but the.

Consumers were also slightly less optimistic about future unemployment with the mean unemployment expectations rate coming to 35.1 percent in October, up from 36.2 percent a month earlier.

Consumers awaiting rates to decrease over a subsequent 12 months increasing 8 commission points year-over-year and 5 commission points month-over-month. At a same time, a share expecting expansion in home prices over a subsequent year fell 13 commission points from final year and 2 commission points from Mar to April.

Rising prices narrow home value perception gap in September Home value gains slowing The analysis also shows a slowdown in appraisal values to 0.35%, less than half that of August. Annually, the Quicken Loans Home Value Index gained 5.69% in September.

The net share of consumers who think that now is the right time to buy a home declined 7 percentage points in February compared to the same time last year, according to Fannie Mae’s latest Home.

More consumers, especially in rural areas and the Midwest, are growing increasingly confident in the U.S. economy and housing this year, but renters aren’t so optimistic. to lower their mortgage.

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