The number of US homeowners expecting mortgage rates to rise grew to 40 percent in August from 36 percent the previous month, according to a recent survey by Fannie Mae.
At the same time, the number of homeowners who felt that it was a good time to sell property climbed to 18 percent last month from 16 percent in July. However, the number of respondents who expect housing prices to increase held steady at 35 percent in August. Nonetheless, this is still higher than last year’s 20 percent.
While lenders continue to struggle with bad loans and a glut of foreclosed properties still left unsold, more Americans are willing to buy homes thanks to record-low mortgage rates.
“Consumer attitudes toward the housing market remain modestly positive, despite signs of increased concern over the direction of the economy,” said Doug Duncan, Chief Economist of Fannie Mae.
“While the latest results showed a pickup in the share of consumers expecting mortgage rates to rise … that may soon change,” he added.
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