According to Fannie’s January National Housing Survey, consumer sentiment about the ease of obtaining a mortgage rose two percentage points last month, climbing to an all-time survey high of 52%. Meanwhile, the percentage of consumers who think it would be difficult to get a mortgage dropped 3 points to 45%.
“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, exceeding those who said it would be difficult by 7 percentage points,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “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.”
Consumer sentiment about the economy as a whole also improved last month despite recent weak job data, according to Fannie Mae. The percentage of consumers who think the economy is on the right track spiked 8 points to 39%, while those who believe it’s on the wrong track dropped to 54%. The share who believe their personal financial situation will improve in the next year also rose, increasing to 44%.
More consumers are feeling positive about access to mortgage credit, according to data released today by Fannie Mae.