A New Survey Shows That Surging Mortgage Rates Aren't Freaking Out American Homebuyers
Mortgage rates have been rising for some time now.
But, "consumers have taken the interest rate rise in stride," said Doug Duncan, chief economist at Fannie Mae in a press release. "Expectations for continued improvement in housing persist, and sentiment toward the current buying and selling environment is back on track from its dip last month."
53% of respondents believe home prices will go up in the next 12 months, down from June's high of 57%. Meanwhile, 74% say it is a good time to buy a house, compared with 72% in June. And 40% think it is a good time to sell a house, compared to 36% in June.
The survey also showed that only 54% of respondents think the economy is on the wrong track. While this was a modest improvement on June, the number of respondents who expect their personal financial situation to improve over the next 12 months fell 3 percentage points to 43%.
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