Georgia Home Mortgage Interest Rates Drop Slightly
After increasing during the month of April, home mortgage interest rates dropped slightly in the week ending May 3rd, according to a report released by Freddie Mac. 30 year home mortgage rates averaged 4.55% with an average of 1/2 point, increasing from 4.02% a year earlier. Although home mortgage rates have increased by half a percentage point so far in 2018, demand in the Atlanta metro area and around the country remains strong, reflecting consumer confidence and the strong economy. Millennial and first time home buyers-- increasingly confident that a new home will be a good investment-- have driven much of the demand for new homes. First time home buyers purchased 46% of all homes sold through April, compared to 43% of all homes sold during the same period in 2017. According to one recent study, over a third of millennials who don't yet own a home have started saving for a down payment.
Contact Peachtee Mortgage Services, Inc. at peachmtg@bellsouth.net to discuss our low home mortgage rates for the refinance of your current home or the puchase of your new home in the metro Atlanta area.
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.