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Fannie Mae home purchase sentiment drops to lowest level yet

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Fannie Mae's home purchase sentiment index dropped to its lowest level since the agency started measuring it in 2010.

In May, 14% of consumers surveyed said it's a good time to buy a home. That's down from 20% in April.

"While many respondents expressed optimism at the beginning of the year that mortgage rates would decline, that simply hasn't happened, and current sentiment reflects pent-up frustration with the overall lack of purchase affordability," said Doug Duncan, Fannie Mae senior vice president and chief economist.

Read more from The Playbook.

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