The housing market looks good according to the February 2020 Economic Outlook from Fannie Mae's Economic and Strategic Research (ESR) group. Summing up the report, Fannie Mae's SVP and Chief Economist Doug Duncan said, “Looking ahead, we continue to anticipate that the economy’s resilience will help keep housing on a firm growth track. In fact, our updated housing market forecast shows greater strength in essentially every part of the housing market extending through the first half of 2021."
RATES & REFIS
Refinance activity surged to the highest level in seven years according to Freddie Mac's Primary Mortgage Market Survey for the week ending February 13. Freddie's analysts characterized refinance and purchase activity as robust, "with mortgage rates hovering near a five-decade low" and "reflective of a solid economic backdrop."
Consumer sentiment reflects the bullish outlook of economists and experts. Fannie Mae's latest Home Purchase Sentiment Index® (HPSI) rose for the third straight month in January to 93.0, moving closer to the survey high of 93.8 set last year. The (HPSI) is a composite index designed to track consumers’ housing-related attitudes, intentions, and perceptions.
Buying and selling homes causes couples to clash according to a Harris Poll commissioned by Zillow. A whopping 77% of respondents who bought property with a significant other in the last 10 years admitted to arguing during the process, while 71% who sold a home admitted to fighting during the experience.
Sources: Fannie Mae, Freddie Mac, Zillow
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