(The Center Square) – Ohio’s average mortgage rate is the 12th highest in the nation, according to a new report.
Personal finance website WalletHub, a for-profit business, also says a Federal Reserve interest rate cut in September will have little impact on rates in the coming months because markets had previously accounted for it.
The study used the group’s proprietary user data to compare the 50 states and rank where homeowners’ financial burdens are getting heavier.
“It’s a difficult time to buy a house, given that home prices have risen astronomically over the past few years and housing shortages make it hard to find the right place even if you have the money,” Chip Lupo of WalletHub said. “Consumers’ homebuying struggles are exacerbated by the fact that the average mortgage interest rate increased in all but six states between Q1 2024 and Q2 2024. Although interest rates are still down a bit from the highs we saw last year, they’re a far cry from the historic lows during the pandemic.”
Ohio’s average mortgage rate in the second quarter of 2024 stood at 6.28%, tied for 12th-highest in the country with South Dakota. That rate was up by 1.93% from the first quarter of 2024.
Lupo said he believes the Fed’s most recent rate cut will have little effect on mortgage rates because markets had already accounted for the reduction.
