National Housing Survey

Housing Sentiment Inches Higher, Driven by Mortgage Rate Outlook

Favorable Rate Environment Expected to Support Increased Refinance Mortgage Activity

August 2019

WASHINGTON, DC – The Fannie Mae (FNMA/OTCQB) Home Purchase Sentiment Index® (HPSI) increased 0.1 points in August to 93.8, another new survey high. Despite five of the six HPSI components remaining flat or decreasing month over month, an increase of 11 percentage points in the net “Mortgage Rates Will Go Down” component drove the index slightly higher. On a year-over-year basis, the forward-looking mortgage rates component is up 35 percentage points.

“Growing expectations that mortgage rates will remain flat or decline are reflected in the HPSI’s latest reading, which is now at a survey high even though other indicators of economic and housing market sentiment are flat to negative,” said Doug Duncan, Senior Vice President and Chief Economist. “Unfortunately, much of the lower interest rate environment can be attributed to global economic uncertainties, which appear to have dampened consumer sentiment regarding the direction of the economy. We do expect housing market activity to remain relatively stable, and the favorable rate environment should continue supporting increased refinance activity.”

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
August 2019 National Housing Survey Data Release (PDF)

National Housing Survey Monthly Indicators Archive
Click here for an archived list of Fannie Mae's National Housing Survey Monthly Indicators.