Housing market confidence surges despite rising rates and prices.

Confidence in the US housing market reached its highest level in almost a year in April, according to Fannie Mae's Home Purchase Sentiment Index, which rose 5.5 points to 66.8. All six components of the survey rose from March, with the largest bump seen in optimism about mortgage rates. However, the full index was still down 1.7% from a year ago, and consumers remain concerned about the trajectory of home prices, which is the main reason they think it is a bad time to buy a home.