Chicago, IL (PRWEB) May 07, 2014
According to the Thomson Reuters/University of Michigan April Consumer Sentiment Index, consumer confidence nearly reached its highest level since 2007. The Federal Savings Bank finds this positive for the number of future mortgage applicants
In April, there was an overall index of 84.1, up from 80.0 the previous month. The reading exceeded the prediction of 83.0 that was recorded in a Reuters survey. There was also an increase for the index of consumer expectations, which grew from a reading of 70.0 to 74.7. The current economic conditions index rose from 95.7 in March to 98.7 in April.
Consumer sentiment provides an indication of how well Americans regard the housing market, as higher index readings likely mean consumers are willing to spend more. Buying attitudes toward homes, vehicles and durable goods in April, for example, improved among the top third of the income distribution. The Federal Savings Bank thinks this recent increase in sentiment may be positively reflect in the number of weekly mortgage applications in the months ahead. Be sure check into the economic headlines on Wednesday May 7th see wee how the positive or negative change in mortgage applications for the week ending on May 2nd.
As the economy and housing market continue to rebound, it is no surprise that consumers are showing increased confidence at levels not seen since before the recession. With low cost mortgage options available, as offered by The Federal Savings Bank, Americans are optimistic about equity rising. The lender believes now is a good time for many prospective home buyers to buy a home.
For information about how you can finance a new home purchase, contact the Federal Savings Bank, a veteran owned bank.