High consumer confidence could fuel homebuying in Houston

Homebuying may pick up across the countryWith consumers feeling confident in the economy, and mortgage rates settling from recent surges, homebuying activity in Houston could pick up in the coming months.?Despite a drop from a six-year high, consumer confidence remained at a high level in early August. The Thomson Reuters/University of Michigan preliminary reading on overall consumer sentiment was 80, down from 85.1 in the previous month.?Survey director Richard Curtin said the majority of consumers continue to believe economic expansion is in the future, and rising home values will aid confidence.?Coupled with higher confidence levels, mortgage rates that have settled from severe spikes in the past couple of months may also fuel homebuying, as consumers attempt to take advantage of affordable rates before they start rising again.?The week ending August 15 saw the average 15-year fixed-rate mortgage edge up slightly to 3.44 percent, while 30-year FRMs were unchanged at 4.4 percent, according to Freddie Mac's latest Primary Mortgage Market Survey.?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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