Mortgage rates have been rising for some time now. Fannie Mae’s July national housing survey showed that 62% of respondents think mortgage rates will continue to rise over the next 12 months, this is up from 57% in June.
But, “consumers have taken the interest rate rise in stride,” said Doug Duncan, chief economist at Fannie Mae in a press release. “Expectations for continued improvement in housing persist, and sentiment toward the current buying and selling environment is back on track from its dip last month.”
53% of respondents believe home prices will go up in the next 12 months, down from June’s high of 57%. Meanwhile, 74% say it is a good time to buy a house, compared with 72% in June. And 40% think it is a good time to sell a house, compared to 36% in June.
The survey also showed that only 54% of respondents think the economy is on the wrong track. While this was a modest improvement on June, the number of respondents who expect their personal financial situation to improve over the next 12 months fell 3 percentage points to 43%.