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Fannie Mae - Consumer Pessimism Regarding Housing Market Direction & Loan Rates Hits New Survey High
 On April 7, 2022 Fannie Mae posted the following Consumer Outlook report. "Consumer Pessimism Regarding Direction of Mortgage Rates Hits New Survey High" IMPORTANT SIDE NOTE: As the coronavirus (COVID-19) unfolded, the government imposed a foreclosure moratorium, a mortgage forbearance program, and mortgage servicing guideline which was the reason for the LOW Foreclosure Rates recorded in 2020 and 2021. With that foreclosure moratorium now lifted, the 2022-2023 reports will start to show the true US Housing Market situation. Highlights contained in the report were: * In March 2022, a survey-high 69% of respondents indicated that they expect mortgage rates to continue their upward ascent>. * The "Good Time to Buy" component set a new survey low, with 73% of respondents reporting that it's a bad time to buy a home. * Consumers are expecting their financial situations to worsen over the next year. * Fannie Mae's Home Purchase Sentiment Index (HPSI) down 8.5 points compared to the same time last year. * Home Price Expectations: Those responding feel home prices will continue to increase over the next 12 months increased from 46% to 48%. * Mortgage Rate Expectations: the percentage of those who expect mortgage rates to go up increased from 67% to 69%. Posted by: NN2N1 2022-04-16 |
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