Consumer confidence in housing sees uptick in October

Consumer confidence in housing sees uptick in October

Consumer confidence in housing sees uptick in October
Americans are feeling more optimistic about buying or selling a home than they have all year. Fannie Mae’s Home Purchase Sentiment Index for October shows that the index has recovered over 60 percent of its COVID-19 related loss as of last month. However, the report also suggests that the impact of the pandemic and the current political landscape is likely to have some long-term effects on consumer sentiment.

“The evolution of the pandemic and the 2020 election outcomes may have longer-lasting and unexpected impacts on consumer sentiment,” said Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae. “We expect both factors will shape the housing market over the coming months.”

As of October, 60 percent of Americans believe now is a good time to buy a home, up from 54 percent in September.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.375 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 (866) 381-8888 and your questions may be featured in an upcoming article.