More Americans surveyed now believe it would be easy for them to get a mortgage, according to Fannie Mae’s January 2014 national survey of consumer attitudes in housing.
Attitudes among consumers about how easily they could get a mortgage climbed 2 percentage points to an all-time survey high of 52%, while those who think it would be difficult dropped 3 points to 45%.
This means consumers perceive that mortgage credit is more accessible.
“A majority of consumers now believe that it is getting easier to get a mortgage. For the first time in the National Housing Survey’s three-and-a-half-year history, the share of respondents who said it is easy to get a mortgage surpassed the 50% mark, exceeding those who said it would be difficult by 7 percentage points,” said Doug Duncan, senior vice president and chief economist at Fannie Mae.
Despite the more moderate expectation for home price gains within the next 12 months, the view that mortgage credit is more available may allow for continued but measured improvement in the housing recovery, Fannie says.
The majority believe the economy is on the wrong track – at 54%. Those who believe the economy is on the right climbed 8 percentage points to 39%.
The share who expect their personal financial situation to improve in the next year increased to 44%, continuing an upward trend since November 2013.
“The gradual upward trend in this indicator during the last few months bodes well for the housing recovery and may be contributing to this month’s increase in consumers’ intention to buy rather than rent their next home,” Duncan said. “The dip in overall home price expectations, though notable, is consistent with our view of moderating home price gains this year from a robust pace last year, while positive trends in perceptions about the economy and personal finances over the next year support our view of stronger growth in the broader economy.”
Notable findings from the survey