It’s a depressing combination. A stunning rise in mortgage rates, historically low levels of inventory, and skyrocketing housing prices is fueling consumer pessimism.

Fannie Mae‘s Home Purchase Sentiment Index, which tracks the housing market and consumer confidence to sell or buy a home, dropped by 2.1 points to 73.2 in March from the previous month. Compared with the same period a year ago, the index fell 8.5 points.

Of the six index components, a survey-high of 69% of respondents expect mortgage rates to continue their upward trend over the next 12 months. About 73% details ⇒

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