Consumers Believe Getting a Mortgage is Easier; Overall Confidence High

The Fannie Mae January 2014 National Housing survey results recently released revealed two categories with all-time survey highs.

  • 52% responded that they believed it would be easy for them to get a mortgage today
  • 70% responded they would buy a home if they planned on moving

These results indicate an escalating increase in buying confidence that is being experienced nationwide.  It is also a healthy indication that the housing recovery process is indeed going smoothly and with an upward trend.  Positive trends illustrate a positive perspective surrounding economic and personal finance situations, and lends itself well to a continuation of the home improvement.

Chief economist at Fannie Mae, Doug Duncan, explained the survey results in this way:

“A majority of consumers now believe that it is getting easier to get a mortgage. For the first time in the National Housing Survey’s three-and-a-half-year history, the share of respondents who said it is easy to get a mortgage surpassed the 50-percent mark. The gradual upward trend in this indicator during the last few months bodes well for the housing recovery and may be contributing to this month’s increase in consumers’ intention to buy rather than rent their next home. The dip in overall home price expectations, though notable, is consistent with our view of moderating home price gains this year from a robust pace last year, while positive trends in perceptions about the economy and personal finances over the next year support our view of stronger growth in the broader economy.”

As home prices are expected to increase in 2014 in conjunction with rising mortgage interest rates, these mentality trends displayed by consumers is exceptionally good news.

Real Group Real Estate

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