Low mortgage rates and unemployment figures in July helped boost consumer confidence to the highest levels ever record. According to Fannie Mae’s monthly index, “confidence about not losing job” and “mortgage rates will go down” rose significantly.
Although home buyers continue to battle against rising prices and low inventory, particularly for entry-level homes, mortgage rates dropping last month helped boost confidence that the future of the housing market would remain strong.
More consumers reported in July’s survey that now is a good time to buy a home and a growing number of respondents believe that home values will continue to rise over the next year.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.