Reynoldsburg, Ohio (OH) Mortgage Rates (2024)

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Reynoldsburg, Ohio (OH) Mortgage Rates? ›

Today's rate

Today's mortgage rates in Ohio are 6.822% for a 30-year fixed, 5.863% for a 15-year fixed, and 7.787% for a 5-year adjustable-rate mortgage (ARM).

Today's rate

Today's mortgage rates in Ohio are 6.822% for a 30-year fixed, 5.863% for a 15-year fixed, and 7.787% for a 5-year adjustable-rate mortgage (ARM).

Reynoldsburg's housing expenses are 18% lower than the national average and the utility prices are 7% lower than the national average. Transportation expenses like bus fares and gas prices are 10% lower than the national average. Reynoldsburg has grocery prices that are 3% lower than the national average.

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.

As of Thursday, June 13, 2024, current interest rates in Ohio are 6.94% for a 30-year fixed mortgage and 6.47% 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.

Today's average rate on a 30-year fixed-rate refinance loan is 8.125%, a decrease of 0.11 percentage points, according to Money's daily rate survey.

Poverty & Diversity

11.1% of the population for whom poverty status is determined in Reynoldsburg, OH (4.5k out of 40.6k people) live below the poverty line, a number that is lower than the national average of 12.5%.

Reynoldsburg is known as "The Birthplace of the Tomato". The tomato was 'born' in Reynoldsburg in the 19th century with the help of local favorite son Alexander W Livingston. Livingston developed the 'Paragon Tomato', billed as the first-ever tomato bred for commercial use.

How low will mortgage rates go in 2024? ›

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This reflects an upward revision in Fannie's analysis: One month prior, the mortgage giant expected rates would fall to 6.4% by year-end, and just a few months ago, it forecasted rates would dip below 6% by the end of this year. All told, Fannie Mae predicts mortgage rates will average 7% in 2024 and 6.7% in 2025.

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.

While McBride had initially expected mortgage rates to fall to 5.75 percent by late 2024, the economic reality means they're likely to hover in the range of 6.25 percent to 6.4 percent by the end of the year.

One rule of thumb is that the cost of your home should not exceed three times your income. On a salary of $70k, that would be $210,000. This is only one way to estimate your budget, however, and it assumes that you don't have a lot of other debts.

Relative to income, mortgage payments are highest in Hawaii, Montana and California. In Hawaii and California — two states where payments are over $3,000 — the average mortgage payment is equivalent to 39.69% and 33.72% of the state's average monthly household income.

$2,000 Mortgages Are More Common Than You Might Think

After factoring in property taxes, the data reveals that it's still possible to buy a house in a little more than half the country — 28 states — with a monthly budget of $2,000.

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. This figure only reflects mortgage principal and interest, not property taxes or insurance.

Effective June 1, 2024, the current interest rate for Single Family Housing Direct home loans is 4.75% for low-income and very low-income borrowers.