Fannie Mae's (OTCQB:FNMA) National Housing Survey Index ("HPSI") slipped 3.7 points to 69.8 month-over-month in June, and dipped 2.8 points from a year ago, the mortgage finance company said on Monday.
Five out of six HPSI components dropped in June, namely job loss concern, mortgage rate outlook, change in household income, selling conditions, and home price outlook. Buying conditions was the only component that improved during the month.
Job loss concern showed the biggest decline. The percentage of respondents who said they're not concerned about losing their job fell, while the share who are concerned about losing their job rose. The net share of respondents not concerned about losing their job fell to 41%, the second-lowest level since the survey began in 2010, from 54% in May and 59% in June 2024.
Meanwhile, the net share of respondents saying it's a good time to buy a home (-43%) increased 5 percentage points since May and compared with -63% a year ago.
Fannie Mae (OTCQB:FNMA) stock declined 3.6% in Monday afternoon trading, and Freddie Mac (OTCQB:FMCC) fell 3.0% in Monday afternoon trading.
Homebuilder and mortgage lender stocks continued to decline. D.R. Horton (DHI) stock dropped 1.5%, KB Home (KBH) slid 2.7%, PulteGroup (PHM) fell 1.6%.
Rocket Companies (RKT) sank 5.0%, UWM Holdings (UWMC) tumbled 5.3%, and LendingClub (LC) dipped 2.3%.
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