{"id":45531,"date":"2023-08-07T15:49:04","date_gmt":"2023-08-07T19:49:04","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/majority-of-americans-believe-its-a-bad-time-to-buy-a-home-says-fannie-mae-heres-why-it-may-not-get-better-anytime-soon\/"},"modified":"2023-08-07T15:49:07","modified_gmt":"2023-08-07T19:49:07","slug":"majority-of-americans-believe-its-a-bad-time-to-buy-a-home-says-fannie-mae-heres-why-it-may-not-get-better-anytime-soon","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=45531","title":{"rendered":"Majority of Americans believe it\u2019s a bad time to buy a home, says Fannie Mae. Here\u2019s why it may not get better anytime soon."},"content":{"rendered":"
\n

With the 30-year in the 7% range and home prices continuing to rise, the typical home buyer is feeling quite miserable about the prospect of buying a home.<\/p>\n

Some 82% of consumers said that it was a \u201cbad time to buy a home\u201d in July, up from 78% in June, according to a survey released Monday by Fannie Mae
\n FNMA,
\n -0.13%<\/bg-quote>.<\/span>
\n Fannie Mae releases the survey as part of its monthly Home Purchase Sentiment Index. The index rose in the latest July report, by 0.8 points to 66.8.<\/p>\n

\n

Consumers cite high home prices and unfavorable mortgage rates, said Doug Duncan, chief economist and senior vice president at Fannie Mae. <\/p>\n

\u201cFurther, the share of consumers expecting home prices to continue to rise has also been on a steady climb since March, which may only add to perceptions of unaffordability,\u201d he added.<\/p>\n

Home prices may continue to stay elevated as few homeowners indicated their interest in selling in the survey, Duncan added. About 64% of respondents said it was a good time to sell a home, which was unchanged from the previous month.<\/p>\n

The \u201cgood time to sell\u201d component has \u201cnot seen much movement\u201d in recent months, he noted, \u201can indication that the current low levels of existing homes for sale will likely continue to persist in the near term.\u201d<\/p>\n

So what\u2019s going on? The 30-year fixed-rate mortgage rate could stabilize around 6% in the near term, but could go lower in a more optimistic scenario over the next couple of years, research suggests.<\/p>\n

Melissa Cohn, regional vice president at William Raveis Mortgage, told MarketWatch last month that her \u201cideal\u201d mortgage rate would be 3% to 4%, but acknowledges that those rates were historic lows seen during the pandemic.\u00a0<\/p>\n

<\/p>\n
<\/p>\n<\/figure><\/div>\n

Sales of previously-owned homes fell 3.3% in June, according to the National Association of Realtors, primarily due to a shortage of homeowners selling their houses. The price of a typical resale home was $410,200, the second-highest price since 1999 when the NAR began tracking the data.<\/p>\n

What\u2019s more, about 4 in 10 respondents said that they expected home prices to rise in the next 12 months, Fannie Mae said. However, nearly half of those polled still expect mortgage rates to go up, while 38% expect them to stay the same.<\/p>\n

\u201cWhile consumers are reporting confidence in the components related to their personal-financial situations, it\u2019s unlikely we\u2019ll see housing sentiment catch up to other broader economic confidence measures,\u201d Duncan added, \u201cuntil there is meaningful improvement to home purchase affordability.\u201d<\/p>\n

The typical monthly payment, including the principal and interest required to purchase a $443,000 home in July, was $2,308, according to Black Knight.<\/p>\n

That means a household earning median income would need to spend 36% of their wages on their mortgage. That is the second-highest mark in the last 37 years, the company said.<\/p>\n<\/p><\/div>\n<\/div>\n

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

With the 30-year in the 7% range and home prices continuing to rise, the typical home buyer is feeling quite miserable about the prospect of buying a home. Some 82% of consumers said that it was a \u201cbad time to buy a home\u201d in July, up from 78% in June, according to a survey released […]<\/p>\n","protected":false},"author":1,"featured_media":45532,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-45531","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nMajority of Americans believe it\u2019s a bad time to buy a home, says Fannie Mae. 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