Over two-thirds of consumers say it is a good time to buy a home, according to a Fannie Mae survey, but 52% believe it is difficult to qualify for mortgage.
Fannie's February survey picked up a seven-point jump in the percentage of respondents who said it would be difficult to get a mortgage. Meanwhile, respondents who expect it would be easy to get a mortgage fell to 45% in February, down from 52% in the prior month.
Over the previous 12 months, the reading on "easy to get a mortgage" ranged from 45% to 52%. But it was generally improving until February.
Fannie research director Steven Deggendorf says the pessimistic attitude toward mortgage availability likely reflects the severe winter, which has produced a lot of
"My expectation is that it will move up next month," Deggendorf says. "But it will take another month or two to see what it really means."
Meanwhile, 68% of the 1,000 respondents to the survey say it is a good time to buy, up from 65% in the month prior. And 34% said it is a good time to sell, down four points from January.
Overall, 50% of respondents expect home prices will go up over the next 12 months and 56% expect mortgage rates will go up over the next 12 months.
Fannie released its February National Housing Survey Monday.
