April 9th, 2019
Spring is in the air, and both homebuyers and sellers can feel it. According to March’s National Housing Survey, consumer response was optimistic with home purchase sentiment rising 7% for buyers and 13% for sellers. This comes as the market has continued to shift in a number of ways: slowing home appreciating, more inventory, and lower interest rates. Doug Duncan, Chief Economist at Fannie Mae, said in a statement: "A brighter housing market outlook drove this month's increase in the [Home Purchase Sentiment Index] - a welcome sign from consumers as we enter the spring and summer homebuying seasons. The results further corroborate the positive effect of falling mortgage rates on affordability, which we expect will help support a rebound in home sales."
Whereas we at Mortgage Champions know that the importance of rate is superseded by other factors like payment, term, cash, and other monetary and service benefits, it doesn’t diminish the urgency that should be felt in times of opportunity. And if opportunity has shown itself in the past year or so, it’s jumping up and down right now.