Home Purchasing Power Decreases As Mortgage Interest Rates Rise

As home mortgage interest rates across Georgia and the rest of the United States have steadily increased recently, prospective home buyers have seen their purchasing power decrease. At the beginning of the year, a home buyer with a budget of $2,500 per month and a 20 percent down payment could afford to purchase a home priced around $474,000. With rising home mortgage rates, however, the same borrower can now afford a property priced only up to $44,000, a decrease of nearly $30,000 in purchasing power. Market analysts expect seasonal declines in home sales to be more extensive this winter and to pick up again next spring.

Buying or refinancing a home in metro Atlanta or anywhere else in Georgia?  Contact Peachtree Mortgage Services, Inc. at 770.481.0052 to discuss our current low home mortgage interest rates.


* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.