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Consumers would rather own than rent

Now is a good time to buy a home, and many want to, according to a new survey.

Now is a good time to buy a home, and many want to, according to a new survey.

Most consumers looking to move from their current place of residence would rather buy than rent, according to a Fannie Mae June 2011 housing survey released July 7.

Asked whether they would buy or rent if they moved house, 66 percent of the survey's 1,000 respondents said they would buy, compared to 31 percent who said they would rent.

These numbers are likely tied to expectations home prices will keep falling while rents will increase. Only 6 percent of respondents said they expect rental prices to go down in the next 12 months, while 44 percent said they expect increases. Twenty-five percent of respondents said they expect house prices to go down during this same period, while 22 percent said they expect house prices to increase.

Sixty-nine percent of respondents said now is a good time to buy a house, while only 11 percent said it is a good time to sell.

The Fannie Mae survey was released on the same day Freddie Mac announced mortgage rates went up during the first week of July, with the average 30-year fixed loan rate rising from 4.51 to 4.6 percent. More than a third of respondents to the Fannie Mae survey (38 percent) said they expect mortgage rates to climb during the next year.