According to Fannie Mae’s National Housing Survey for April 2012, 71% of Americans believe now is a good time to buy – which most of us would probably agree is not really surprising. Historically low mortgage rates and rising rents support these survey results. In fact, Fannie Mae’s survey addresses rental price expectations and it turns out that 49% of survey respondents think that rental prices will go up. This is the highest recorded percentage in the last 12 months.
More consumers also think the U.S. economy is on the right path. The percentage of Americans who believe the economy is on the right track rose to 37 percent, a 2 point increase from the previous month and the highest level in the survey’s two-year history. To put this in perspective, in the August, September, October, and November of last year only 16% of respondents believed the economy to be on the right track.
While home prices are currently low, especially in distressed markets, 32% of respondents expect home prices to increase over the next 12 months. Americans also expect mortgage rates to rise in the next 12 months – which isn’t very surprising when you consider that the 30-year fixed rate mortgages hit a new all-time record low last week.
“Overall, consumer views of housing market conditions have become more supportive of home purchases,” said Doug Duncan, Fannie Mae chief economist.
Heard enough? Are you read to make the leap to home ownership? Contact a licensed mortgage loan professional today to take advantage of low mortgage rates and low home prices – before they both go up. Click here to find an Inlanta Mortgage professional near you.
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.