The early stirrings of the spring housing market have been prompted by a notable decline in mortgage interest rates in December. With rates now approximately one percentage point lower than they were in October, consumers anticipate further decreases.
December witnessed a significant surge in optimism regarding mortgage rates, as revealed by Fannie Mae's monthly consumer survey. In a groundbreaking shift since the survey's inception in 2010, more homeowners now believe that rates will decrease rather than increase, according to Mark Palim, Deputy Chief Economist at Fannie Mae.
Mark Palim notes, "This noteworthy change in consumer expectations aligns with the recent bond market rally." Interestingly, homeowners and those with higher incomes expressed more optimism about rate decreases compared to renters. The evolving sentiment suggests a potential game-changer in the housing landscape.
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