Fannie Mae’s April 2012 National Housing Survey indicates consumer attitudes toward homeownership, the economy, personal finances, and home prices continuing to improve.
SURVEY HIGHLIGHTS
The Economy and Household Finances
- Confidence in the economy’s direction rose to the highest point in the survey’s two-year history this month, hitting 37 percent, an increase of 2 percentage points from last month.
- Only 12 percent think that their personal financial situation will worsen in the next 12 months, consistent with February and March as the lowest value in more than a year.
- Twenty-three percent of respondents saw an increase in their personal income from 12 months ago, a 2 percentage point increase from March and the highest level recorded during the past year.
- Thirty-six percent say their expenses have increased significantly over the past 12 months, a 2 percentage point increase from last month and a return to the level recorded in January.
Homeownership and Renting
- On average, Americans expect home prices to increase by 1.3 percent over the next 12 months, up 0.4 percentage points since last month and the highest value yet recorded.
- Thirty-two percent of respondents expect home prices to increase over the next 12 months, a slight decline from the sharp spike last month.
- Thirty-nine percent of Americans say that mortgage rates will go up in the next 12 months, consistent with last month’s value.
- The percentage of Americans who say it is a good time to buy decreased by 2 percentage points to 71 percent, while the percentage of respondents who say it is a good time to sell continued to increase this month to 15 percent.
- On average, respondents expect home rental prices to increase by 3.6 percent over the next 12 months, a 0.5 percentage point decrease versus last month.
- Forty-nine percent of respondents think that home rental prices will go up, a 1 percentage point increase from last month and the highest number recorded to date.
- Thirty-two percent of respondents say they would rent if they were going to move, a 2 percentage point increase from last month and the highest level since November 2011.
St. Louis MORTGAGE INTEREST RATES for May 23, 2012:
- Conventional 30-Year Fixed 4.00%/ 4.195% APR
- Conventional 15-Year Fixed 3.250%/ 3.390% APR
- Conventional 5/1 ARM 2.375%/ 3.082% APR
- FHA/VA 30 Year Fixed 3.750%/ 3.991% APR
- Jumbo 5/1 ARM 2.875%/ 3.445% APR
- Jumbo 15 yr Fixed 3.375%/ 3.630% APR
- Jumbo 30 yr Fixed 4.750%/ 5.010% APR
*The above mortgage rates are based upon an 80% LTV, o/o single family with FICO scores of 720.
Paramount Mortgage is a locally owned Mortgage Banker celebrating our 41st year. Great rates and programs are secondary to what is most desired in a lender relationship: Integrity, Communication and Customer Satisfaction. Be to check out our website: www.paramountmortgage.com
For more information or if you have questions on mortgage rates you may contact me by phone at my direct line, (314) 372-4319, email at rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.
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