Should You Wait for Lower Rates? What Columbus Homeowners Need to Know About Refinancing in 2024
With the Fed hitting pause on rate cuts, many Columbus homeowners are wondering if now is the time to refinance. Get the data, market insight, and real numbers to help you decide.
Introduction
If you've been sitting on the fence waiting for mortgage rates to drop before refinancing your home, you might want to rethink your strategy. Recently, Fed Chair Jerome Powell made it clear that there likely won't be any more rate cuts this year. Let's break down what that means for you as a Columbus homeowner.
Section 1: The Fed’s Latest Signals on Rates
At the latest Federal Reserve meeting, Jerome Powell indicated that they don't plan on cutting interest rates again this year. According to the FedWatch tool, the market is split 50/50 on what might happen at the December meeting, but the bottom line is that the Fed isn't expecting to lower rates any time soon. In other words, the interest rates we’re seeing now might be as good as it gets for a while.
| Metric | Value / Description | Source |
|---|---|---|
| Refinance app dollar volume change (week ending Nov 7 2025) | ‑15.9 % vs prior week | Fannie Mae RALI Fannie Mae |
| Refinance app dollar volume change (year‑over‑year, same period) | +108.8 % vs same week last year | Fannie Mae RALI Fannie Mae |
| Forecast refinance origination volume for 2026 | ~$737 billion (+9.2 % from 2025) | MBA Forecast MBA |
| Share of cash‑out refinances in Q2 2025 | ~59 % of all refinance transactions | ICE Mortgage Monitor Mortgage Tech |
| Current 30‑yr fixed refinance rate (Nov 12 2025) | ~6.40 % | Fortune article Fortune |
| Federal Funds Rate target range (Oct 29 2025) | 3.75 % – 4.00 % | Trading Economics / Fed history Trading Economics |
As data shows above, while refinance demand has picked up year‑over‑year, rates remain around 6.4 % and the Fed’s policy signals suggest we’re not likely to see meaningful cuts this year. In our local Central Ohio market, the average 30‑year fixed rate is around 6.1% and inventories remain tight (~4,473 listings), while many homeowners are locked into rates below 6%. That means opportunities for refinancers may be slipping
Section 2: What This Means for Columbus Homeowners
For homeowners in Columbus, Powell, and Dublin who have been waiting for the "perfect" moment to refinance, it might be time to act. With rates stabilizing, you could be missing out on potential savings by waiting for something that might not happen. Refinancing now could lock in a stable rate and start saving you money sooner rather than later.
FAQs: Should You Refinance Now?
- Are rates going to drop later this year?
It’s unlikely, based on the Fed’s current stance. The market is pretty evenly split, but there’s no strong indication that rates will drop further this year. - How much can I save by refinancing now?
That depends on your current rate and loan balance. But even a small reduction can add up to significant savings over time, especially if you lock it in now. - Is it a good time to refinance if I’m planning to stay in my home long-term?
Absolutely. Locking in a stable rate now can protect you from future increases and give you predictable payments.
Conclusion
If you’ve been holding off on a refinance, now might be the time to take a closer look. Let’s chat about your situation and see how much you could save by refinancing at today’s rates. Reach out today and start putting that savings back in your pocket sooner rather than later!
Sources (other than me 😄)
