Source: TDPel Media —
Consumer confidence in the US housing market reached a near all-time low in February due to a new surge in mortgage rates and growing anxiety about job security.
Fannie Mae’s monthly Home Purchase Sentiment Index fell by 3.6 points to 58.0 in February, which is close to the record low established last October when the average mortgage rate briefly topped 7%.
The survey has been conducted since 2011, and the index has dropped by 17.3 points compared to the same month last year.
According to Fannie Mae chief economist Doug Duncan, the decline was partly driven by a significant drop in consumers’ sense of home-selling conditions.
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