Looking for Atlanta real estate? Well you may just be in luck. Not only are home prices low, but fixed mortgage rates continue to fall. Last week Freddie Mac reported that the average rate for 30-year fixed mortgages fell to 4.12; the lowest level in three decades. The average rate on 15-year mortgages fell to 3.33, the lowest level on records and probably the lowest level ever, according to experts.
Unfortunately, experts also aren’t expecting these all-time low rates to get Americans to purchase new homes and revive the real estate market, and the overall economy. Even with mortgage rates below 5% over the past year, it is predicted that this year’s new home sales will be the worst in close to 50 years and resales will be the worst in 14 years.
With unemployment and apprehension about the economy high, many Americans are not in the position to take advantage of this rare opportunity. Many first-time buyers can’t meet lenders’ credit score guidelines and many repeat buyers do not have adequate equity invested in their homes to meet loan requirement. Many Americans also say that with rising living costs and no raises in their paychecks, they are unable to save enough money for a down payment.
However, if you look on the bright side, homebuyers who purchase this year are literally getting the home deals of a lifetime! So, if you are one of those in the market for a new home in Atlanta or are interested in Atlanta real estate, now is a noteworthy time.
Labels: freddie mac, mortgage market, Mortgage Rates
# posted by
Brian Vanderhoff @ 9:09 AM
