Exactly one year after setting a record high, Fannie Mae’s Home Purchase Sentiment has nearly done it again. The HSPI for May 2019 had a reading of 92.0, just shy of matching the all-time high reached in May 2018 of 92.3, largely because of a substantial 13-point increase in the number of Americans who believe now is a good time to buy a home.
In addition to respondents becoming decidedly more convinced that market conditions are ripe to buy a home, consumers also believe that home prices would increase in the near-future while mortgage rates would decline.
Meanwhile, the net share of respondents who believe now is a good time to sell home a declined 3-points from the same month last year.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 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.