More Consumers Expect Rates to Rise | Mt Kisco Real Estate

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The share of consumers who believe interest rates will go up over the next year increased another 5 percentage points to 62 percent, the highest level in the three-year history of Fannie Mae’s July 2013 National Housing Survey. Consumers also expect home prices to climb 3.9 percent on average over the next 12 months, holding steady from the May and June survey results. At the same time, the share of respondents who say it is a good time to buy a house increased to 74 percent, while the share who say it’s a good time to sell a house increased to 40 percent, matching the survey high. “Consumers have taken the interest rate rise in stride. Expectations for continued improvement in housing persist, and sentiment toward the current buying and selling environment is back on track from its dip last month,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “These results are consistent with our own analysis of previous housing cycles, which finds that interest rates and home prices are not strongly correlated.” Homeownership and Renting
At 3.9 percent, the average 12-month home price change expectation increased slightly to match May 2013’s survey high. The share of people who say home prices will go up in the next 12 months fell 4 percentage points from June’s survey high to 53 percent, while those who say home prices will go down reached a survey low of 6 percent. The share of respondents who say mortgage rates will go up in the next 12 months jumped 5 percentage points to 62 percent, the highest level since the survey’s inception. The share who say it is a good time to buy a house increased slightly to 74 percent, and those who say it is a good time to sell a house increased 4 percentage points to 40 percent. The average 12-month rental price expectation fell to 4.2 percent, a 0.4 percent decrease from last month.



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