2024 Homeownership and Consumer Outlook

At UW Credit Union, we’re here to help everyone achieve their homeownership dreams. Our summary of market conditions and tips from our local experts will help homebuyers reach their goals with confidence.

Consumer optimism on the rise

Fannie Mae reports that Americans’ sentiment toward housing is at its highest level since March 2022. Here are highlights from the most recent Home Purchase Sentiment Index:

  • 82% are not concerned about losing their job in the next 12 months
  • 29% think mortgage rates will go down in the next 12 months
  • 34% believe mortgage rates will go up in the next 12 months
  • 65% say it’s a good time to sell
  • 21% say it’s a good time to buy

What we know about the market

Demand for homes remains high. With increasing job stability and more millennials reaching prime buying years, there is more motivation to buy than in years past but fewer overall homes on the market.

Refinancing falls in popularity. With increased rates, mortgage refinancing is no longer an attractive option for most homeowners.

Leveraging home equity an increasingly popular option. Many homeowners are taking advantage of cash-out refinancing and home equity loans to do everything from paying off higher-interest debt to making larger home improvements.

Help with a successful home search

At UW Credit Union, we understand that buying a home can feel overwhelming. You can depend on our local mortgage loan officers to guide your clients through the process with ease:

  • “If you plan to buy a home as a primary residence, it’s always a good time to buy. If the right home is for sale, it’s the right time to buy. To be a successful homebuyer in today’s competitive market, you need an experienced Realtor that is creative and understands the subtle nuance of the market.”
    Chris Ohly, 29 years of experience

  • “Having an experienced, full-time Realtor along with an experienced mortgage lender sets you up for success as they’ll work together to help put you in the best position as a buyer. Availability as a lender is more important than ever. I work closely with Realtors to provide them what they need to help write offers quickly and strongly for buyers.”
    Cory Poole, 21 years of experience

  • “In today’s dynamic real estate market, success hinges on a combination of preparedness, market awareness, and strategic decision making. Prospective homebuyers should start by ensuring financial readiness through mortgage prequalification or preapproval to get a clear understanding of their budgetary constraints. Remaining flexible in their search criteria and acting swiftly when opportunities arise are also crucial. Additionally, staying informed about current market trends and consulting with experienced real estate professionals can provide valuable insights into when and where to make a move. Assessing personal long-term goals and comparing the costs and benefits of buying versus renting are equally vital considerations.”
    Ashley Bergren, 13 years of experience

  • “In a seller’s market such as this, the prepared buyer has the best chance of success. The setting of expectations for the buyer by the lender and Realtor provides a consistent and reinforced message.  We all want our buyers to succeed, and helping the buyer to understand what is necessary in this market is a key part of our role in that success.”
    Rick McKinley, 21 years of experience

  • “If a borrower is unsure, I always recommend they set up an appointment to chat with me over the phone or in person. We’ll discuss financial readiness, maintaining good credit and having a Buyer’s Agent in their corner. Determining if it’s a good time to buy can depend on quite a few factors, including your personal financial situation and what the real estate market is doing. Rates can deter people from purchasing, but I always remind borrowers they can refinance. There can also be tax benefits; they should reach out to their tax advisor for more information.”
    Anna Wise, 11 years of experience

Why choose UW Credit Union?

We are one of Wisconsin’s top mortgage lenders* with decades of experience helping people become homeowners. We offer:

  • Local Mortgage Loan Officers in branches
  • Online applications and easy rate quotes
  • A wide variety of home loan products and competitive rates
  • ITIN lending
  • Free first-time homebuyer seminars
  • Stackable offers to take advantage of multiple discounts, including up to $1,2501,2 off for first-time buyers and up to $7502,3 off for experienced buyers
  • Expanded lending territory (we’re now in Minnesota and Illinois, too)
Call 800-533-6773 to reach the UW Credit Union Mortgage Loan Department.

UW Credit Union is an Equal Opportunity Lender.

*UW Credit Union is ranked among the top ten home loan lenders in the state based on information from county Register of Deeds Offices; CoreLogic. 

1UW Credit Union closing cost credit is variable and may be up to $1,000. Credit will be calculated on actual cost, excluding owner’s title and transfer tax fees, and will be reflected on the Closing Disclosure (CD). Offer valid for purchase transactions only; refinances do not qualify. Offer valid for first-time buyers only. An individual is to be considered a first-time home buyer who (1) is purchasing a property; (2) will reside in the property as a principal residence; and (3) has had no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of the purchase of the property. The discount will be applied at closing as a lender credit and reflected on the CD. This offer excludes VA, FHA, WHEDA, lot, construction, second homes, investment property and Rapid Refinance loans. Offer valid for first mortgages only. Offer is subject to credit approval and underwriting and is subject to change without notice. Mortgage insurance is required for transactions over 80% LTV except for the ITIN Home Loan and the 90% LTV no MI ARM. This offer requires an established UW Credit Union checking account. Offer may be combined with $250 closing cost credit for Premium Checking for a maximum credit of $1,250, but may not be combined with any other offers. No other discounts apply. Actual closing cost credit may be limited as the combined total of seller credits and lender credits cannot exceed the actual amount of closing costs, prepaid interest, and escrow reserves; please review the allowable credits for your specific transaction with your loan officer. Contact us for details.

2Membership requirements apply. Member must have a UW Credit Union Premium checking account opened at least 20 days prior to closing date to receive up to a $250 closing credit, which will appear as a credit on the final Closing Disclosure. Credit will be calculated on actual cost, excluding owner’s title and transfer tax fees, and will be reflected on the Closing Disclosure (CD). Offer subject to change and without notice. Offer may be combined with First-Time Homebuyer Discount for a maximum credit of $1,250, or it may be combined with $500 Closing Cost Credit for a maximum credit of $750, but may not be combined with any other offers. Offer is not available for the following loan types: lot, construction, WHEDA, FHA, VA, and Rapid Refinance. Contact us for details.

3Membership requirements apply. Offer valid on home purchase and refinance loan closings. Credit of up to $500 will be calculated on actual cost, excluding owner’s title and transfer tax fees, and will be reflected on the Closing Disclosure (CD). The credit will be applied at closing as a lender credit and reflected on the CD. Offer valid for both purchase and refinance transactions. Offer excludes VA, FHA, WHEDA, lot, construction, and Rapid Refinance loans. Offer is subject to credit approval and underwriting and is subject to change without notice.  Mortgage insurance is required for transactions over 80% LTV except for the ITIN Home Loan and the 90% LTV no MI ARM. This offer requires an established UW Credit Union checking account. Offer may be combined with $250 Closing Cost Credit offer for Premium Checking accountholders for a maximum credit of $750, but may not be combined with any other offers. Actual closing cost credit may be limited as the combined total of seller credits and lender credits cannot exceed the actual amount of closing costs, prepaid interest, and escrow reserves; please review the allowable credits for your specific transaction with your loan officer. Contact us for details.

2Membership requirements apply. Member must have a UW Credit Union Premium checking account opened at least 20 days prior to closing date to receive up to a $250 closing credit, which will appear as a credit on the final Closing Disclosure. Credit will be calculated on actual cost, excluding owner’s title and transfer tax fees, and will be reflected on the Closing Disclosure (CD). Offer subject to change and without notice. Offer may be combined with First-Time Homebuyer Discount for a maximum credit of $1,250, or it may be combined with $500 Closing Cost Credit for a maximum credit of $750, but may not be combined with any other offers. Offer is not available for the following loan types: lot, construction, WHEDA, FHA, VA, and Rapid Refinance. Contact us for details.

3Membership requirements apply. Offer valid on home purchase and refinance loan closings. Credit of up to $500 will be calculated on actual cost, excluding owner’s title and transfer tax fees, and will be reflected on the Closing Disclosure (CD). The credit will be applied at closing as a lender credit and reflected on the CD. Offer valid for both purchase and refinance transactions. Offer excludes VA, FHA, WHEDA, lot, construction, and Rapid Refinance loans. Offer is subject to credit approval and underwriting and is subject to change without notice. Mortgage insurance is required for transactions over 80% LTV. This offer requires an established UW Credit Union checking account. Offer may be combined with $250 Closing Cost Credit offer for Premium Checking accountholders for a maximum credit of $750, but may not be combined with any other offers. Actual closing cost credit may be limited as the combined total of seller credits and lender credits cannot exceed the actual amount of closing costs, prepaid interest, and escrow reserves; please review the allowable credits for your specific transaction with your loan officer. Contact us for details.