Fannie Mae's Home Purchase Sentiment Index (HPSI) increased by 1.8 points in September, reaching 73.9. This marks the highest level for the index in over two years, reflecting an improvement in consumer outlook regarding the housing market.
A record 42% of consumers reported expecting mortgage rates to decline over the next 12 months. This figure is up from 39% in the prior month and 24% in June, indicating growing optimism among potential homebuyers and refinancers.
The rising HPSI suggests that consumer confidence in the housing market is strengthening, particularly concerning future mortgage rate trends. This positive sentiment could translate into increased demand for mortgages, directly benefiting Fannie Mae's core business of guaranteeing loans.
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