A record percentage of consumers (79%) surveyed by Fannie Mae say “not now.” High home prices and rising mortgage rates have pessimism at an all-time high. Fannie Mae issues a monthly HPSI (Home Purchase Sentiment Index,) a composite index designed to track consumers’ housing-related attitudes, intentions, and perceptions, using six questions from the National Housing Survey® (NHS). Fannie Mae May 2022 National Housing Survey Data Release
“Consumers’ expectations that their personal financial situations will worsen over the next year reached an all-time high in the May survey, and they expressed greater concern about job security,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist.
Duncan continued: “These results suggest to us that increased mortgage rates, high home prices, and inflation will likely continue to squeeze would-be homebuyers – as well as those potential sellers with lower, locked-in mortgage rates – out of the market, supporting our forecast that home sales will slow meaningfully through the rest of this year and into next.”
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For the full HPSI press release from Fannie Mae click here: Would-Be Homebuyers Feeling Squeeze of Higher Home Prices and Mortgage Rates | Fannie Mae