Best automation opportunities for loan processing

Join our expert panelists to learn how lenders can achieve their goals using the integration of intelligent document automation and RPA technology.

4 Strategies to Strengthen Customer Relationships

Discover the right strategies to execute fast-acting campaigns, track results and improve your bottom line – all while strengthening customer relationships.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

MortgageReal Estate

Americans have never felt better about buying a house than they do right now

Fannie's housing sentiment index reaches all-time high

In July, housing confidence increased as more Americans reported now is a good time to buy, according to Fannie Mae’s latest Home Purchase Sentiment Index.

According to the GSE’s report, sentiment rose by 2.2 points in July to 93.7. Not only is this a 7.2-point increase from last year’s level, but it also marks a new survey high.

Fannie Mae Senior Vice President and Chief Economist Doug Duncan said despite ongoing housing supply and affordability challenges, the HPSI reached a new high thanks to strong job confidence and favorable mortgage rate expectations.

“Consumers appear to have shaken off a winter slump in sentiment amid strong income gains,” Duncan said. “Therefore, sentiment is positioned to take advantage of any supply that comes to market, particularly in the affordable category.”

That being said, Duncan warns that recent financial market events could weigh on consumer sentiment looking ahead.

Despite this warning, Fannie’s index reveals increases in the “Good Time to Buy” and “Good Time to Sell” components, which rose by 3 and one percentage points, respectively.

Complementing that rise, more consumers said they now expect mortgage interest rates to fall within the next 12 months, as that component rose one percentage point in July, the report notes.

Last week, Freddie Mac reported that the 30-year, fixed-rate mortgage averaged 3.75%, falling significantly from its 2018 rate of 4.60%. 

“Mortgage rates have essentially stabilized over the last two months, which reflects the recovery and improvement in the economy from the malaise earlier in the year,” Freddie Mac Chief Economist Sam Khater said. “Going forward, the combination of low mortgage rates, tight labor market and high consumer confidence should set up the housing market for continued improvement in home sales heading into the late summer and early fall.”

NOTE: Fannie Mae’s Home Purchase Sentiment Index is constructed from six questions, gauging the current views and forward-looking expectations of consumers navigating the housing market.

Most Popular Articles

Chopra warns of post-COVID housing market fallout

Rohit Chopra warned of housing market fallout and said he would focus on helping struggling homeowners at his Senate Confirmation hearing.

Mar 03, 2021 By

Latest Articles

CFPB delays QM compliance date to October 2022

The Consumer Financial Protection Bureau released a notice of proposed rulemaking on Tuesday to delay the mandatory compliance date of the Qualified Mortgage final rule from July 1, 2021 to October 1, 2022.

Mar 04, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please