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Housing Market Updates: The Neighborhood Minute December 2023

12/07/2023 - Neighborhood Minute, Smart Home Buying & Ownership

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The WesBanco Neighborhood Minute

The Neighborhood Minute: Highs and Lows Hit the Housing Market

December 6, 2023

Buying a Home? Here’s What You Need to Know.

When it comes to the housing market and mortgage rates, homebuyers haven’t found too much to be thankful for this year. Fortunately, the latest announcement after the latest Fed meeting to hold rates steady resulted in a small drop in the national average for a 30-year fixed mortgage. If you’re currently in the housing market, read on to see when mortgage rates could drop further and get tips all buyers should consider.

The Latest Housing Market Trend Report

Consider Waiting on the Spring Housing Market

  • Current housing market rates are seeing little fluctuation.
  • The National Association of Realtors expects mortgage rates to drop toward the end of 2024.
  • If purchasing a home isn’t essential and you have a mortgage or rent that’s working for your budget, consider staying put and keep saving for your down payment.

3 Tips for Buying a Home Right Now

  • Work with a trusted agent to find the best location that balances must-haves and wants in a new home.
  • Focus on a monthly payment within your budget rather than the current rate.
  • Consider purchasing the right home at a higher rate and refinancing when rates drop—depending on how long you plan to stay in that home.

 

2¢ Worth of Wisdom

Q: Will mortgage rates go down in 2024?

A: “The Fed’s decision to keep the benchmark rate at its current level is still going to affect mortgage rates indirectly for some time. However, if the Fed announces they’re done raising rates or mentions a rate cut, we should see mortgage rates begin to decline. Housing market forecasts are optimistic that the spring housing market could see a rebound.”

—Ed Hensley, Executive Vice President and Manager, Residential Lending

 

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Tools, Tips and Advice

Mortgage Calculator

Read this piece about setting a budget for your monthly mortgage payments.

Home Renovation Loans

Learn how to maximize ROI on home improvement projects.

To Buy or Not to Buy

Weigh the benefits of renting or buying your home.

 

 

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

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