How Confident Are Americans in Getting a Mortgage?

Consumers polled by Fannie Mae for its January 2014 National Housing Survey are more optimistic about their odds of getting a mortgage. Those who believe would be easy to arrange home financing rose 2 percentage points to 52 percent, an all-time high for the survey. For the first time in the three-and-a-half-year history of the survey, the proportion of consumers who believe it would be easy to get a mortgage has surpassed the share of those who believe it would be difficult, says Fannie Mac chief economist Doug Duncan The belief that mortgage credit is more accessible could lead to continued steady improvement for the housing recovery. The latest data also shows that more consumers feel good about the economy, but most respondents still believe it is on the wrong track. And the share of those who expect their personal financial situation to improve in the next year rose to 44 percent. “The gradual upward trend in this indicator during the last few months bodes well for the housing recovery and may be contributing to this month’s increase in consumers’ intention to buy rather than rent their next home,” notes Duncan. | Read More