More consumers are feeling positive about the housing market, home prices and mortgage rates this summer, according to Fannie Mae’s latest Home Purchase Sentiment Index, which rose to an index reading of 86.5 in July, a new high for the survey. There was an uptick in consumers who say now is a good time to buy or sell a home and more Millennials appear to be considering homeownership over renting, the survey found. Click here to read more from Fannie Mae.
“One interesting potential bright note for housing in the July survey is that younger households may finally be shifting toward buying rather than renting in greater numbers. Whether the shift in sentiment in July toward buying rather than renting on their next move holds up or is a temporary reaction to their view that rents are on the rise and mortgage rates will be lower, we will see. However, we are getting set to release some additional research in early August showing evidence of a broader move by older millennials in the direction of ownership,” said Doug Duncan, senior vice president and chief economist at Fannie Mae.
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