Fannie Mae's Home Purchase Sentiment Index (HPSI) increased by 0.4 points in November to 75.0, as reported on December 9, 2024. This continues a sharp upward trend observed over the past year, indicating consumers are acclimating to the current housing market.
A new record-high share of consumers indicated that they expect mortgage rates to decline over the next 12 months. Conversely, fewer respondents stated they expect home prices to rise in the coming year.
Despite only 23 percent of consumers believing it is a 'good time to buy a home,' the overall sentiment improvement suggests a potential stabilization in housing demand. This positive trend in consumer confidence is a favorable indicator for the mortgage market.
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