The Fannie Mae National Housing Survey, which was published April 6, 2010, provided some fascinating insights into American opinions of today's housing scene. Homeowners, and renters were asked a range of questions about the housing market, their personal finances and attitudes, and their thoughts on the wider economy.
Perhaps the most unexpected of the report's findings was that very nearly two-thirds (64%) of respondents said that now is a good time to buy a house. That's only two percent fewer than the 66% who held that view in 2003--before the credit crunch, the collapse in house prices, and record foreclosures.
And--returning to this year--nearly a third (31%) think that now is a very good time to buy a house.
Lowest Mortgage Rates for 50 Years
Given how hard it currently is to find good news about the housing market, you may wish to assume that this sunny optimism is all about current mortgage rates. These, of course, are among the lowest for half a century, and genuinely do offer home buyers and owners a window of opportunity within which they can secure a mortgage--whether for a purchase or a refinancing--for 30 years at a historically low fixed rate.
Mortgages--People Love 'em
It's easy to see why--according to a Fannie Mae press release that accompanied the survey--93% of respondents with 30-year, fixed-rate mortgages would be happy with their mortgages. At a time when people have access to some of the best mortgage rates for a generation, finding a fixed-rate loan is bound to give you a warm, fuzzy feeling.
What's more surprising is that 76% of those with hybrid adjustable-rate mortgages (ARMs) and 68% of those with standard ARMs also said they were satisfied with their home loans. Anyone who has any sort ARM, who isn't thinking of moving home for quite a few years, and who has a reasonable credit score should at least check out the implications of refinancing to a fixed-rate mortgage. For many, it could be a revelation, both in terms of dollar savings and the avoidance of future risk.
Mortgage Quote Here
If you, like most Americans, think that now is a good time to buy a home, then you can take the first step by obtaining a mortgage quote here. Click the same link for refinancing quotes.