Mortgage and local lending rate update in the Tri-States

QUINCY (WGEM) – We’ve seen mortgage rates double this past year and interest rates at local lenders are also rising.

That means if you’re looking to buy a house, you’ll likely end up paying more each month.

Greg Zanger, president of the Quincy Assosciation of Realtors, said interest rates on local lending is around 7% in Quincy.

He said he can’t predict whether mortgage rates will drop as we move into the new year, because demand in the housing market changes with the seasons.

“There’s always a coming season you know after the, after the holidays over, first of the year, things may slow down a little bit, but they seem to pick right up,” said Zanger.

Zanger said there typically is less demand driving the real estate market between the first of the year and the beginning of spring, meaning lower mortgage rates, with the possibility of relief in the housing market this winter.

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