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Fall Mortgage Rate Hikes: The Neighborhood Minute November 2023

11/09/2023 - Neighborhood Minute

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The WesBanco Neighborhood Minute

The Neighborhood Minute: A Fall Mortgage Rate Hike Chills the Current Housing Market

November 16, 2023

Your Fall Housing Market Forecast

After the November 1 Fed meeting, officials announced they will not increase the benchmark rate as inflation continues to cool. This is welcome news after the current housing market saw historically high interest rates in October caused indirectly by the rising benchmark rate. However, housing market experts have more of an optimistic outlook when it comes to mortgage rates for the remainder of the year.

The Latest Housing Market Trend Report

Homebuyers Brace for Higher Rates

  • Current housing market rates are rising, and the current 30-year fixed mortgage rate is hovering around 7.99%-8.00%.
  • The indirect impact of the Fed’s rate hikes, and uncertainty of future hikes is driving rates up further.
  • Housing market experts expect rates to decline later this year, especially if inflation continues to cool.
  • As the market remains tight, a trusted lender can help you apply for flexible financing options, down payment and/or closing cost assistance.

What Is a Mortgage Rate Lock?

  • A mortgage rate lock promises that the rate you’re offered in your mortgage application acceptance is the one you will pay once you purchase a home.
  • Depending on the lender and terms, a mortgage rate lock is typically available from 30 to 60 days.
  • Locking in your rate is essential during periods of interest-rate volatility, like what we’re experiencing with the current housing market.

 

2¢ Worth of Wisdom

Q: Should I lock in my mortgage rate today?
A: “If you’re thinking about purchasing a home in this current housing market, locking in your rate will be essential. It will also allow you to estimate and plan for monthly payments. However, you should wait until the rate is within a comfortable range for your budget to lock it in. After it’s locked, making any changes to your original application could cost you more in the long run.”
— Ed Hensley, Executive Vice President and Manager, Residential Lending

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Tools, Tips and Advice

Down Payment Assistance

See if you qualify for flexible financing options, down payment and/or closing cost assistance.

Home Equity BridgeLine of Credit

Streamline the buying and selling process by using the equity in your current home to purchase a new one.

Hidden Money in Your House

Home equity is a resource you can borrow against to pay off debt or make investments that help your money grow.

 

 

*All information cited can be found on housingwire.com.

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