Atlanta Mortgage Interest Rates Headed Up
Posted by Ben Hirsh on Tuesday, February 15th, 2011 at 4:24pm.For years now our client have enjoyed low interest rates. 2010 was an especially jaw-dropping year with many of my buyers managing to get close to 3% on 5-year ARM's and our Atlanta home buyers looking for 30-year mortgages locked in rates that averaged just under 4.5%. Sadly, the party may be almost over.
Over the past few weeks, rates have risen at a steady clip. 30-year rates have left the 5% marker in the dust and have hit a national average of 5.23% last week. If you are one of the many thousands of people who want to buy one of the 30,241 Atlanta homes for sale (or one of the 6038 condos for sale in Atlanta), but you have been sitting on the fence waiting for the bottom, then now may be your time to act.
This chart shows the 3-year mortgage rate history...notice the spike on the end.
Like all good fence-sitters, you are waiting for the "bottom", that place that is never found until prices have started rising and competition again turns fierce. If you are getting a mortgage, then interest rates are a major factor in the affordability of your home and the gradual increases that we are seeing ought to get your attention.
After the surprise 2010 price declines, we are seeing Atlanta Foreclosures and other homes for sale that are simply to good for our buyers to pass up. If you have been sitting on the fence and waiting for the perfect opportunity to buy your Atlanta home, then the next three months may just be your window of opportunity. Interest rates have again dropped below 5% in the past two days, so give me acall and we can discuss getting started in finding your new home.
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