Housing sentiment hits record high, as bidding wars vanish - CNBC

Falling mortgage rates and strong employment drove consumer confidence in housing to a record high in July, according to a monthly index from Fannie Mae. At the same time, bidding wars eased thanks to lower demand in some of the hottest markets. Of the index’s five components, “confidence about not losing job” and “mortgage rates will go down” rose the most. The gains come despite a very low supply of homes for sale and affordability challenges. Mortgage rates dropped dramatically this spring, down from a high of around 4.5% at the start of this year to 3.85% at the end of July, according to Mortgage News Daily.

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