National Housing Survey

Housing Sentiment Nears Survey High as More Consumers Expect Mortgage Rates to Remain Favorable

Majority of Americans Continue to Report It’s a Good Time to Both Buy and Sell a Home

January 2020

WASHINGTON, DC – The Fannie Mae Home Purchase Sentiment Index® (HPSI) rose for the third consecutive month, increasing 1.3 points in January to 93.0 and moving closer to the survey high of 93.8 set last year. Four of the six HPSI components increased month over month, including the percentage of Americans who believe that mortgage rates will go down or stay the same over the next 12 months, which now sits at 55 percent. Year over year, the HPSI is up 8.3 points, reflecting in part consumers’ increasingly positive view that it’s a good time to both buy and sell a home.

“The HPSI posted another strong reading to open the new year, helped in large part by the upward trend in the share of consumers saying they expect mortgage rates to remain steady,” said Doug Duncan, Senior Vice President and Chief Economist. “Low rates continue to be a key driver of consumer optimism about both current homebuying and home-selling conditions. Favorable views on job security and personal financial expectations reflect the strength of the labor market, which we believe will continue to bolster housing demand. With much-needed inventory set to come online this year, offering a modicum of relief to the shortage of entry-level supply, this month’s HPSI reading remains consistent with our latest macroeconomic forecast and our theme for 2020: A Resilient Economy Overcomes Risks to Drive Housing.”

On this webpage you will find a news release with highlights from the HPSI and NHS results, the latest Data Release highlighting the consumer attitudinal indicators, month-over-month key indicator data, an overview and white paper about the HPSI, technical notes providing in-depth information about the NHS methodology, the questionnaire used for the survey, and a comparative assessment of Fannie Mae’s National Housing Survey and other consumer surveys.

Downloads and Related Links

News Release
January 2020 National Housing Survey Data Release  

National Housing Survey Monthly Indicators Archive
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Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economic & Strategic Research (ESR) group or survey respondents included in these materials should not be construed as indicating Fannie Mae's business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR group represent the views of that group or survey respondents as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.