High mortgage rates surpassed high home prices as the top reason why consumers think it's a bad time to buy a home, per the survey.
Americans are increasingly concerned about losing their jobs as elevated mortgage rates and inflationary goods keep them worried about paying for basic necessities like food and housing.As the Fannie Mae Home Purchase Sentiment Index shows, customers are increasingly pessimistic about the housing market and a key factor could be Americans' reduced job security.
In June of this year, more people indicated they were concerned about layoffs, with 75 percent saying they worried about widespread job losses, according to a study by Morning Consult.Despite recent fears over a recession, industries have been hiring more.Roughly 9.6 million job openings were listed in August, according to the Bureau of Labor Statistics' monthly Job Openings and Labor Turnover Survey, which was significantly higher than the anticipated 8.8 million openings from July.
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