Americans believe it's now easier to get a mortgage

by Adam Smith09 Apr 2014
The proportion of Americans who believe it would be easy to get a mortgage has neared an all-time high.

Fannie Mae’s March National Housing Survey has found consumer attitudes toward housing are trending in a positive direction. The share of survey respondents who believe it would be easy to get a mortgage has risen to 52%, up from 47% a year ago. The result ties the survey’s all-time high.

Attitudes toward the housing market have also improved. The proportion of respondents who believe now is a good time to sell a home has risen to 38%, up from 26% at the same time last year. Americans’ outlook for their personal finances is also more optimistic. Those who expect their financial situation to worsen in the next 12 months has fallen to 12%, down from 21% at the same time last year. Meanwhile, those who believe their personal financial situation improved over the past year hit an all-time survey high of 40%.

"The housing recovery continues to proceed in fits and starts. Rising mortgage rates and a lack of supply have dampened housing market momentum," said Doug Duncan, senior vice president and chief economist at Fannie Mae. "However, we see several positive signs going into this year's spring home buying season, compared with last year. For example, consumers are less pessimistic about their personal finances, and more optimistic about the current selling environment and their ability to get a mortgage. Still, those who are pessimistic about buying or selling a home today tend to point to economic conditions as the primary issue, and most consumers continue to say the economy is on the wrong track. Looking forward, we expect to see a pickup in economic growth later in the year, and this may boost the confidence of prospective buyers and sellers."


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