Fannie Mae home purchase sentiment drops to lowest level yet

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.