Homebuyer Sentiment Hits Record Low | Real Estate

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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 home-buying 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.

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Brenden Rendo is a licensed real estate agent in Florida with NextHome Neighborhood Realty as of the time of making this video. All information given is meant to be educational and be a starting point in your home purchasing/selling journey. All topics in my videos are based on my prior experiences, please double-check and confirm/consult with a local licensed professional real estate agent or mortgage lender if it applies to your situation.