Matt Vernon, head of consumer lending at Bank of America: Despite real and ongoing challenges in the market, US homebuyers and homeowners are becoming increasingly optimistic, with many starting to take action rather than remaining on the sidelines.

We have seen a significant shift in people's attitudes toward purchasing homes. Affordability remains the main obstacle or limiting factor in the market, but the willingness to buy homes is rising. Homeowners will still experience the life events that traditionally prompt them to purchase property. Consumers are increasingly aware that high interest rates may persist for a longer period, a view consistent with Bank of America's expectation that mortgage rates will remain within the 6.25% to 6.75% range this year.