Dublin, Ohio (OH) Mortgage Rates (2024)

FAQs

What is the mortgage rate in Dublin Ohio? ›

Current rates in Dublin, Ohio are 7.06% for a 30 year fixed loan, 6.26% for 15 year fixed loan and 7.53% for a 5 year ARM. Data provided by 3rd party RateUpdate.com.

After all, higher rates equate to higher minimum payments. So, you may be wondering if, and when, mortgage rates might fall to 3% or lower again - and whether or not it's worth waiting to buy a home until they do. Although rates could fall to 3% again one day, it's not likely to happen any time soon.

Mortgage rate prediction FAQs

Mortgage rates could fall in 2024, but that's not a given. The Mortgage Bankers Association projects a 6.5% rate by the end of the year, while Fannie Mae predicts 2024 will end with rates at 7%.

As of Friday, June 14, 2024, current interest rates in Ohio are 7.01% for a 30-year fixed mortgage and 6.31% for a 15-year fixed mortgage. Residential prices in The Buckeye State are modest: The median home cost $205,000 as of January 2024, well below the national median of $344,157, according to ATTOM.

In Ohio, the average mortgage payment in this state is $136 cheaper than the national average. On average, homeowners pay $1,023 per month on their mortgages. However, your monthly mortgage payment depends on many factors, such as your financial situation and the state's regulations.

We Open the Doors to an Affordable Place to Call Home The Ohio Housing Finance Agency's (OHFA) Ohio Heroes rewards Ohio residents who serve the public with a discounted mortgage interest rate. AM I ELIGIBLE? • You meet credit score requirements. ° Conventional, USDA, and VA Loans: 640 or higher.

FHA loans allow borrowers with a credit score of 580 or above to purchase a house with a down payment as low as 3.5% of the purchase price. Borrowers with credit scores between 500 and 579 need at least 10% down. Keep in mind, these are the minimums set by HUD, but lenders may have their own minimums.

Over the past two years, a combination of high mortgage rates, low housing inventory and sluggish wage growth has crippled affordability for homebuyers. While many are holding out for mortgage rates to fall, it's unlikely we'll see 2% mortgage rates any time soon. In fact, experts hope we don't.

How low will mortgage rates go in 2024? ›

Mortgage rate predictions 2024

The MBA's forecast suggests that 30-year mortgage rates will fall into the 6.5% to 6.9% range throughout the rest of 2024, and NAR is predicting a similar trajectory. But Fannie Mae thinks rates could stay in the low 7% range this year.

Currently, over six out of 10 purchase and refinance loans are at rates below 4%, according to Freddie Mac. Those ultra-low rates are unlikely to return anytime soon—if at all—resulting in limited motivation for many homeowners to refinance.

The 30-year fixed mortgage rate is expected to fall to the mid-6% range through the end of 2024, potentially dipping into high-5% territory by the end of 2025. However, recent economic developments have led some forecasters to believe that rates will remain elevated at around 7% for the remainder of this year.

In summary though, stock market crashes tend to be good for the mortgage industry overall, as they result in lower rates and an immediate upswing in refis.

New Outlook On Monetary Policy

The median projection for the benchmark federal funds rate is 5.1% by the end of 2024, implying just over one quarter-point cut. Through 2025, the FOMC now expects five total cuts, down from six in March, which would leave the federal funds rate at 4.1% by the end of next year.

It's also impacted by additional personal factors such as your creditworthiness and financial situation. According to the 2023 Annual Cost of Living Index from the Council for Community and Economic Research, or C2ER, the national average monthly mortgage payment is $2,390.

Today's mortgage rates in Hamilton, OH are 7.022% for a 30-year fixed, 6.192% for a 15-year fixed, and 7.875% for a 5-year adjustable-rate mortgage (ARM).