Falling mortgage rates and strong employment drove consumer confidence in housing to a record high in July, according to a monthly index from Fannie Mae. Of the index's five components, 'confidence about not losing job' and 'mortgage rates will go down' rose the most.
Falling mortgage rates and strong employment drove consumer confidence in housing to a record high in July, according to a monthly index from Fannie Mae.Mortgage rates have fallen dramatically this spring, down from a high of around 4.5% at the start of this year to 3.85% at the end of July, according to Mortgage News Daily.Justin Sullivan | Getty Images
Mortgage rates have fallen dramatically this spring, down from a high of around 4.5% at the start of this year to 3.85% at the end of July, according to Mortgage News Daily. "Consumers appear to have shaken off a winter slump in sentiment amid strong income gains. Therefore, sentiment is positioned to take advantage of any supply that comes to market, particularly in the affordable category. However, recent financial market events following when the survey data were collected could weigh on consumer views looking ahead," said Fannie Mae's chief economist Doug Duncan.
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