Consumer confidence toward purchasing a home reached its highest level in over two years as expectations for lower mortgage rates grew, but many still hesitate to buy due to high home prices.
While the Home Purchase Sentiment Index saw improvement, with a reading of 73.9, 81% of respondents still believe it’s not a good time to buy a home, highlighting ongoing market hesitance.
Mark Palim, Fannie Mae's chief economist, noted that despite increased optimism about mortgage rates falling, this change has yet to translate into significant growth in home sales activity.
Despite 42% of consumers expecting mortgage rate declines and a notable rise in housing sentiment, existing-home sales are forecasted to hit the lowest levels since 1995.
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