Published by REALTOR.com | May 8, 2023
Consumers expect mortgage rates to drop, so they’re feeling a lot more optimistic about the housing market, according to a recent Fannie Mae poll.
After the U.S. Federal Reserve’s rate increase last week, the Fed Chair signaled a potential pause in hikes. Rates dipped after the news, and economists are expecting mortgage rates to gradually decline over the course of this year, and into 2024.
Consumers see this as a good sign for mortgage rates. The monthly Fannie Mae Home Purchase Sentiment Index rose in April to the highest level since May 2022.