More Home Buyers Backing Out as Mortgage Interest Rates Increase

More prospective home buyers in the Atlanta area and across the state of Georgia are backing out of home purchases as mortgage interest rates approach higher levels not seen in years.  Pending home sales are falling and more sellers are their dropping list prices as mortgage rates increase, making homes less affordable and new home purchases out of reach for more buyers.  The mortgage payment on a home listed at the median asking price rose to $2,547 in September, an increase of over 50% from a year earlier when mortgage rates were much lower.

Planning to purchase a new home or refinance an existing home mortgage in the Atlanta area or anywhere else in the state of Georgia?  Contact Peachtree Mortgage Services, Inc. at peachmtg@bellsouth.net 770.481.0052 to discuss our mortgage loan products.


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