Survey: Consumers believe mortgages are easy to get

Americans think it’s easier than ever to get a mortgage, according to Fannie Mae’s January National Housing Survey.

Consumer attitudes regarding the ease of getting a mortgage climbed two percentage points to an all-time survey high of 52 percent, while those who think it would be difficult dropped three percentage points to 45 percent.

This is the first time in the survey’s three-and-a-half-year history that the number of people who think it would be easy to get a mortgage crossed the 50 percent threshold, Fannie Mae reports. The monthly survey was conducted by telephone with 1,000 respondents.

January’s survey should be good news for housing market observers who have been concerned about the impact of new mortgage rules, along with rising rates, on demand.

Doug Duncan, senior vice president and chief economist at Fannie Mae, says the “gradual upward trend” in the number of people who think it is easier to get a mortgage 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.”

“The dip in overall home price expectations, though notable, is consistent with our view of moderating home price gains this year from a robust pace last year, while positive trends in perceptions about the economy and personal finances over the next year support our view of stronger growth in the broader economy,” he added.

Additional survey highlights include:

• The average 12-month home price change expectation decreased from last month to 2.0 percent.
• The share of people who say home prices will stay the same in the next 12 months increased 7 percentage points to 45 percent, while the share who say home prices will go up in the next 12 months fell by 6 percentage points to 43 percent.
• The share of respondents who say mortgage rates will go up in the next 12 months decreased by 2 percentage points, to 55 percent.
• Those who say it is a good time to buy a house decreased from last month, down 2 percentage points to 65 percent.
• Those who say it is a good time to sell a house increased 5 percentage points from last month to 38 percent.
• The average 12-month rental price change expectation decreased from last month to 2.8 percent, tying the all-time survey low.
• Forty-eight percent of those surveyed said home rental prices will go up in the next 12 months, a decrease of 5 percentage points from last month.
• The share of respondents who said they would buy if they were going to move hit an all-time survey high of 70 percent, and those who say they would rent is at an all-time low of 26 percent.