Consumer sentiment improves slightly in August

Consumer sentiment improves slightly in August

Consumer sentiment improves slightly in August
Americans’ attitude about the housing market improved just a tad in August, according to Fannie Mae’s latest National Housing Survey. Thirty-two percent of consumers reported that they believe now is a good time to buy a home. This is up from 28 percent in July. Those who said now is a bad time to make a home purchase also improved, declining by three points from July to 63 percent.

Meanwhile, an overwhelming number of Americans continue to believe current market conditions continue to favor sellers. The number of respondents who say now is a good time to sell a home was 73 percent, a minor change from the 75 percent reading in July.

One of the motivators for the four-point increase in buyer sentiment is the continued belief that mortgage rates will stay low or even go down further over the next year. The percentage of respondents who say mortgage rates will decline over the next twelve month increased 5 percent in August.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 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.