Consumers More Upbeat on Housing than Broader Economy

Americans are feeling much better about housing than they do about the couple-looking-at-paperwork-sml economy as a whole judging by their responses to the February National Housing Survey.  The survey, conducted monthly by Fannie Mae found that both homeowners and renters expect home prices to rise and are increasingly disposed toward buying a home rather than renting one but are changing little in their expectations about the economy or their personal finances.

“Despite fiscal headwinds and political uncertainty, consumer sentiment toward housing is robust and continues to gather strength,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “We expect home prices to firm further amid a durable housing recovery, gradually reducing the population of underwater borrowers and helping to boost the share of consumers who say that now is a good time to sell.”

“Since reaching its trough last September, the share of consumers expecting mortgage rates to rise has trended up,” continued Duncan. “However, despite historically low mortgage rates, nearly half of borrowers have never refinanced their mortgage. Combined with the scheduled year-end HARP deadline, rising rate expectations should prompt some borrowers to refinance soon to take advantage of more favorable mortgage terms and add to their disposable income, helping to offset ongoing fiscal drag.”

If it s been a while since you took out your current mortgage loan, your rate may be substantially higher than the current going rate. This gives you the opportunity to potentially reduce your monthly payment by a substantial amount.  If you have wondered if refinancing is right for you, check out our Refinance Calculator on my website and find advice and tips when considering refinancing a home on our blog post When you are ready to begin just go to my website and Apply Online.  Let’s get started now!

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Source:  Mortgage Daily News  

Michelle Castle provides mortgage loans to all of North Texas and Southern Oklahoma. Call Michelle Castle at (903) 771-2617 if you are looking for a home loan in North Texas and Southern Oklahoma.  Click here to visit Michelle’s website and apply for a loan.