{"id":19471,"date":"2023-06-07T12:39:24","date_gmt":"2023-06-07T16:39:24","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/homeowners-are-upbeat-about-the-housing-market-for-one-key-reason-fannie-mae-says\/"},"modified":"2023-06-07T12:39:25","modified_gmt":"2023-06-07T16:39:25","slug":"homeowners-are-upbeat-about-the-housing-market-for-one-key-reason-fannie-mae-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=19471","title":{"rendered":"Homeowners are upbeat about the housing market \u2014 for one key reason, Fannie Mae says"},"content":{"rendered":"
\n

It ain\u2019t a good time to buy no thanks to high mortgage rates and home prices, but it sure feels like a great time to sell, consumers told Fannie Mae
\n FNMA,
\n -0.56%<\/bg-quote>
\n in a poll published Wednesday.<\/p>\n

\n

With mortgage rates staying stubbornly high above 6%, home buyers feel a lot more challenged by the housing market \u2014 as their budgets shrink they need to factor in more costs for higher interest payments. The typical home buyer\u2019s monthly payment is up $350 from a year ago, according to real-estate brokerage Redfin.<\/p>\n

Home sellers felt as though it was a moment to seize: 65% of consumers believed it was a good time to sell their home, compared to 62% in April. The component is at the highest level since last July, Fannie Mae noted.<\/p>\n

One big reason for sellers\u2019 confidence: The low inventory of homes for sale is pushing up home prices. That\u2019s good for sellers, but makes homeownership a very expensive proposition.<\/p>\n

On the other hand, consumers feel like it\u2019s an inopportune time to buy a home. The monthly Fannie Mae Home Purchase Sentiment Index fell in May, and is nearing its survey low. In May, 19% of consumers said it was a good time to buy a home, compared to 23% last month.\u00a0<\/p>\n

\u201cAffordability hurdles, including high home prices and mortgage rates, remain top of mind for consumers,\u201d Mark Palim, vice president and deputy chief economist at Fannie Mae, said in a statement.<\/p>\n

Consumers were also pessimistic about future plans to buy a home, he added. The respondents to the survey \u201cindicated that they don\u2019t expect these affordability constraints to improve in the near future, with significant majorities thinking that both home prices and mortgage rates will either increase or remain the same over the next year,\u201d Palim said.<\/p>\n

Consumers expect mortgage rates and home prices to <\/strong>rise<\/h4>\n

Aspiring homeowners expected mortgage rates to rise, as well as home prices, according to the survey.<\/p>\n

The share of consumers who believe home prices will go up over the next year rose in May to 39% from 37%, Fannie Mae said. This is the second month in a row that consumers forecast home prices to go up.<\/p>\n

The median price of an existing home was $388,800 as reported by the National Association of Realtors in April. A new home was $420,800, according to the Census Bureau.<\/p>\n

And the share of respondents who believe rates will fall over the next year fell to 19% from 22% the previous month.\u00a0The average 30-year mortgage rate was 6.81% in early June, which is double and even triple where rates were during the pandemic.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

It ain\u2019t a good time to buy no thanks to high mortgage rates and home prices, but it sure feels like a great time to sell, consumers told Fannie Mae FNMA, -0.56% in a poll published Wednesday. With mortgage rates staying stubbornly high above 6%, home buyers feel a lot more challenged by the housing […]<\/p>\n","protected":false},"author":1,"featured_media":19472,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-19471","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nHomeowners are upbeat about the housing market \u2014 for one key reason, Fannie Mae says | iFintechWorld<\/title>\n<meta name=\"description\" content=\"It ain\u2019t a good time to buy no thanks to high mortgage rates and home prices, but it sure feels like a great time to sell, consumers told Fannie Mae FNMA,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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