Homebuyer Sentiment Hits Record Low

 

 

Homebuyer Sentiment Hits Record Low

 

Homebuyer Sentiment Hits Record Low Consumer Pessimism Regarding Direction of Mortgage Rates Hits New Survey High.  69% of Respondents Expect Mortgage Rates to Go Up in Next 12 Months The Fannie Mae (Home Purchase Sentiment Index® (HPSI) decreased by 2.1 points to 73.2 in March, as consumers continue to express pessimism regarding the trajectory of mortgage rates and homebuying conditions generally. Only 24% of consumers believe it’s a good time to buy a home, with similar levels of pessimism expressed by nearly all of the demographic groups surveyed," Palim continued: "This month, we also saw a survey-high share of consumers expecting their financial situations to worsen over the next year; this was especially true among current homeowners.  These concerns, together with the run-up in mortgage rates since the end of 2021, will likely diminish mortgage demand.