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Summer Housing Market: The Neighborhood Minute Q2 2024 | WesBanco

06/24/2024 - Neighborhood Minute

A neighborhood of single family homes, all in a row. The sky is clear, and the weather is sunny.
The WesBanco Neighborhood Minute

The Neighborhood Minute: Summer Housing Market Forecast & What to Look Out For

June 27, 2024

Will Current Mortgage Rates Fall This Summer?

The rise of already-elevated mortgage rates and home prices, combined with a shortage of inventory, has disheartened prospective buyers. Despite these worries, Fannie Mae predicts more homes will sell this year compared to 2023. Mortgage rates have begun to dip below 7% for the first time since early April and inflation is gradually cooling. All a promising sign for the housing market.

The Latest Housing Market Trend Report

A housing market crash isn’t coming, but competition is

  • Economists predict any real estate market changes will be modest, with no concern of an event on the scale of the Great Recession
  • Home prices have risen faster than wages, leading to affordability issues, especially for first-time buyer
  • It’s still a seller’s market, so a noticeable price decline isn’t likely, especially due to an increased number of buyer

Can I get down payment assistance?

  • Down payment assistance programs help cover your down payment as a first-time homebuyer
  • If you haven’t owned a home in the last three years, most governments and nonprofit programs consider you a first-time buyer
  • You may be required to attend training or homebuyer education to ensure your finances set you up for success

2¢ Worth of Wisdom

Q: I see the 15-year mortgage rate is dropping, should I consider one?

A: “Choosing the best mortgage rate depends on what you want to pay every month, how much interest you’re comfortable with and which loan best fits your financial goals. The average 15-year mortgage rate is currently lower than the rate for the more common 30-year loan. In 2024, the average for a 15-year fixed mortgage rate has been in the 6% range, compared to a 7.22% average for a 30-year fixed rate. So, it could be a smart choice.”

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

 

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

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