Fannie Mae’s Home Purchase Sentiment Index tracks the housing market and consumer confidence to either buy or sell a home. In April, this index reached 68.5 marking the lowest level in the index since May 2020. The index is made up of six components including whether or not consumers believe it’s a good time to buy or sell and whether or not mortgage rates will rise or fall. According to the survey 76% of consumers think it’s a bad time to buy a home. The largest portion of survey responders that answered this way were between the ages of 18 to 34, showing that an increase in interest rates is concerning to many first-time homebuyers. Also included in the survey are questions about a consumer’s employment and income outlook. 84% of consumers believed they had nothing to worry about in regard to losing their jobs, but only 26% of consumers were making more money than this time last year.
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