Fannie Mae's monthly Home Purchase Sentiment Index is based on a survey of Americans which asks participants for their view of the housing market and economy. Participants are asked whether they feel now is a good or bad time to buy or sell a home, where they think mortgage rates and prices are headed, and about their personal financial situation and job security. According to the most recent results, Americans are feeling more optimistic about home buying conditions and specifically mortgage rates. In fact, a survey-high 31 percent of respondents said they feel rates will fall over the next 12 months. The expected rate drop has also boosted the number of participants who say they feel now is a good time to buy a home, with a 3 percent increase over the previous month's results. Mark Palim, Fannie Mae's vice president and deputy chief economist, says the results indicate Americans feel affordability may ease this year. “A more optimistic rate outlook among consumers may signal an expectation that home affordability pressures will ease in 2024,” Palim said.
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