What are Americans expecting from the mortgage market in 2024?

Gardens in Cincinnati, Ohio, Skyline | mortgage rate news

Nearly 1/3 of Americans expect mortgage rates to fall

A recent survey conducted by Fannie Mae asked consumers which direction they think borrowing costs on home loans will go. 31% of individuals responding stated that they expected costs of home loans will decline over the next 12 months. 36% of respondents believe that costs will stay at or near their current level.

Mark Palim, deputy chief economist at Fannie Mae, said, “Notably, homeowners and higher-income groups reported greater rate optimism than renters. In fact, for the first time in our National Housing Survey’s history, more homeowners, on net, believe mortgage rates will go down than go up.”

Could Cincinnati become a hot housing market?

In an analysis completed by a major real estate listing firm, Cincinnati, OH was rated as the second hottest housing market in the country for 2024.

Home affordability was one of the key reasons given for The Queen City’s ranking. Analysts also cited job growth and cost of living as factors in the high ranking.

Which metro area has the fastest appreciating homes?

Real estate analysis firm CoreLogic recently released its analysis of home appreciation in the U.S. for November 2023. Miami, FL has been dethroned as the top metro area for home appreciation. According to the report, Detroit, MI is now the fastest appreciating metro area in the country.

The Motor City saw a year-over-year increase in home prices of 8.7%. The cost of homes in Miami was up 8.3% year-over-year.

Despite the rapid increase in home prices, Detroit is still one of the biggest cities in the country with the lower-than-average home prices. Dr. Selm Hepp, the chief economist at CoreLogic, said, “Detroit remains one of the most affordable large metros with median home price at less than $200,000.”

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in under 10 minutes. Grab a few important documents to get started.
  1. Tax Returns
  2. Copies of W-2s (or 1099s for independent contractors,
    freelancers and the self-employed)
  3. A payroll stub
  4. A bank statement
  5. Loan obligation info (student loans,
    auto loans and credit cards)

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