Consumer sentiment on housing has fallen in September from its August high, according to a monthly survey from Fannie Mae, out earlier this week. The share of those saying their household income is significantly higher than it was a year ago was unchanged at 21%, and far fewer respondents say they were not concerned about losing their jobs. At the same time, buying and selling sentiment have both improved, though buying sentiment is higher than selling. Here's CNBC's take:
“Consumers who are pessimistic about current housing market conditions are more likely to cite unfavorable economic conditions than the prior month,” said Doug Duncan, Fannie Mae’s chief economist. “Job confidence remains high but still well shy of its July reading.”
The survey comes as mortgage rates sit at the lowest level in over a month and are significantly lower than they were a year ago. While rates did jump in September, they were back down by the end of the month… The average monthly payment on the average-priced home is now 10% lower than it was last November, when mortgage rates peaked around 5%. That even includes a 4% home price increase since then.
