Recent November statistics for the Baltimore area real estate market show that home prices are holding steady across Anne Arundel County, Baltimore City & County, Carroll County, Harford County and Howard County showing only a slight 0.41% drop compared to November 2006. In addition almost 1900 homes were sold in the month of November according to MRIS, the Maryland MLS.
Great news has also arrived from the mortgage industry. The Federal Reserve cut their short-term interest rate today by .25%, which brings mortgage interest rates down to the lowest they have been in two years. Dave Stevens, President of Long & Foster’s Affiliated Business says in a recent special report “Interest rates are still near historic lows and mortgage money is plentiful. With continued pressure on the dollar coming from higher energy costs as well as the increased national debt, there is a strong argument to lock in your long term mortgage rate now. Failure to act in this current period could end up being a costly error to prospective buyers sitting on the sidelines.”