Overview

• Fannie Mae’s Home Purchase Sentiment Index held at 71.4 in September, signaling flat overall housing sentiment.
• Two-thirds of respondents (67%) say the economy is on the “wrong track,” and only 27% think it is a good time to buy a home.
• Mortgage rates drifted toward the low-6% range after recent Fed easing, yet about 30% of consumers expect rates to rise over the next year.
• Selling sentiment remains stronger than buying, with 57% calling it a good time to sell as more than 81% of owners are locked into mortgages below 6%.
• Income growth is subdued and financing feels harder, with just 14% reporting higher incomes year over year and more respondents saying it would be difficult to get a mortgage; renters foresee about a 6% rise in rents.