August 18th, 2023 by WCBC Radio
30-year mortgages are at a “critical stage,” according to the National Board of Realtors. As of Thursday, the rate on a 30-year mortgage averaged 7.68% – up two-tenths of a percent from last week. Experts say as the economy continues to rebound, the US Federal reserve could raise its benchmark rate, causing mortgages to top 8%. Locally, Realtor Liz Rhodes of Coldwell Banker doesn’t think the rate will go that high in this area, but for the Allegany County area, buyers have to consider the cost of renting versus buying…
The rising mortgage rates are actually pushing buyers from metro areas to Western Maryland, according to Rhodes…
Housing inventory in Allegany County is low right now – less than 100 active listings. Liz Rhodes says the best way to get the property desired is to prepare ahead of time by getting prequalified…
