Bargain Hunting With Rates Above 7%

With mortgage rates holding above 7%, many in our Baltimore region (including Baltimore County, Harford, Anne Arundel, and Howard) are weighing their options and watching affordability closely as Treasury yields drive borrowing costs higher. If you’re planning your next move, it’s worth noting a recent study’s suggestion: consider building in rate cushions—think half a percentage point within three months, three-quarters in six months, and a full point within a year. Historically, buyers who purchase later in the year have gained more negotiating room—typical home prices were about 5% lower in early Q4 compared to late Q2, with less competition and more time to negotiate. Last month’s approximately 5-month supply gave buyers more leverage, not just on price but also on closing costs, discount points, or temporary rate buydowns. As the market anticipates further Fed tightening, the longer-term goal remains easing inflation, which could eventually bring some relief on mortgage rates. My deep experience throughout our local markets means I’m always monitoring these trends—so you have the insight you need, when you need it.