Fannie Mae’s latest National Housing Survey found that consumers have varying opinions about the current state of the U.S. housing market. According to the latest data, 28 percent of respondents say now is a good time to buy a home while 66 percent say it is not. However, the same survey found a small increase in the number of respondents who think now is a good time to sell a home.
In total, 37 percent of respondents say they think home prices will continue to climb over the next year. This is down three points from August. Only 24 percent expect home prices to decline while 33 percent believe they will flatten out.
Overall, the Home Purchase Sentiment Index fell by 1.2 points from August to a reading of 74.5 in September. The number of consumers who think mortgage rates will decline over the next 12 months increase by two percent over the month.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.
