Consumers Believe Mortgages are easy to get

Mortgage News

Consumers believe Mortgages are easy to get and that bodes well for the housing market. Americans are feeling like they are able to get a mortgage more easily now than in a very long time according to a study in January by Fannie Mae.

52 Percent of those surveyed believe it’s easier and those who believed it would still be difficult dropped to 45%. This is the first time in about 3 1/2 years that the sentiment has been above 50%.  The study consisted of 1000 telephoned respondents. 

Here are some more additional survey responses:

  • The average 12-month home price change expectation decreased from last month, to 2.0 percent.
  • The share of people who say home prices will stay the same in the next 12 months increased 7 percentage points to 45 percent, while the share who say home prices will go up in the next 12 months fell by 6 percentage points to 43 percent.
  • The share of respondents who say mortgage rates will go up in the next 12 months decreased by 2 percentage points, to 55 percent.
  • Those who say it is a good time to buy a house decreased from last month, down 2 percentage points to 65 percent.
  • Those who say it is a good time to sell a house increased 5 percentage points from last month to 38 percent.
  • The average 12-month rental price change expectation decreased from last month to 2.8 percent, tying the all-time survey low.
  • Forty-eight percent of those surveyed said home rental prices will go up in the next 12 months, a decrease of 5 percentage points from last month.
  • The share of respondents who said they would buy if they were going to move hit an all-time survey high of 70 percent, and those who say they would rent is at an all-time low of 26 percent.

Original Article can be found below

http://www.parjustlisted.com/archives/20628

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