Fannie Mae: More Americans may buy homes sooner

Potential home buyers may enter the market sooner rather than later as more Americans expect mortgage rates and home prices to climb, according to new data from Fannie Mae's monthly national housing survey

The mortgage-finance company said 57% of the 1,007 Americans polled expect mortgage rates and housing prices to rise over the next 12 months
In May, 55% thought home prices would rise over the next year while 46% thought mortgage rates would go up
"The spike in mortgage rate expectations this month seems to have had an impact on a number of the survey's indicators and may increase housing activity in the near term by driving urgency to buy," said Doug Duncan, senior vice president and chief economist

Fannie Mae's survey also revealed 72% think it is a good time to buy a house, down from 76% in May

Meanwhile, 36% said it is a good time to sell, down from 40% in May

According to the survey, 56% expect rental prices to rise during the next year and the average 12-month rental price expectation was 4.6%, compared with a 4.3% expected increase in May

The share of respondents who said the economy is on the right track decreased to 38% last month from 40% in May

Fannie Mae's latest national housing survey was conducted between June 3 and June 22