Home Purchase Sentiment Declines

The Fannie Mae Home Purchase Sentiment Index® (HPSI) fell 1.5 points in April to 88.3, offsetting some of the prior month's 5.5 point jump and falling 3.4 percentage points behind the same time last year, the GSE reported Tuesday.

A decrease in the "Good Time to Buy" component drove the index lower, despite another supportive mortgage rate outlook from consumers. The net share of respondents expecting mortgage rates to go down over the next 12 months has risen a total of 12 percentage points over March and April.

The net share of Americans who say it is a good time to buy a home decreased 8 percentage points to 14%. This component is down 15 percentage points from the same time last year.

The net share of those who say it is a good time to sell a home remained unchanged at 43%. This component is down 2 percentage points from the same time last year.

The net share of those who say home prices will go up decreased 2 percentage points to 36%. This component is down 13 percentage points from the same time last year.

The net share of Americans who say mortgage rates will go down over the next 12 months increased 5 percentage points to 40%. This component is up 8 percentage points from the same time last year.

The net share of Americans who say they are not concerned about losing their job decreased 6 percentage points to 74%. This component is down 2 percentage points from the same time last year.

The net share of those who say their household income is significantly higher than it was 12 months ago increased 2 percentage points to 22%. This component is up 4 percentage points from the same time last year.

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