Rising Home Mortgage Interest Rates Impact Both Buyers and Sellers in Atlanta Region
Rising home mortgage interest rates are impacting both buyers and sellers in the Atlanta area, according to a recent report. As a result of rising mortgage rates, monthly home mortgage payments have increased, making new homes unaffordable for even more potential homebuyers. With fewer buyers in the market, many sellers have been forced to lower their asking price to compensate for increased competition among sellers. The median sales price of a home in the Atlanta region dropped to $379,900 in October, down 1.6% from a month earlier. While median home sale prices continue declining, however, they remain over 7% higher than a year earlier.
Planning to buy a new home or refinance an existing home loan in the state of Georgia? Contact Peachtree Mortgage Services, Inc. at email@example.com or 770.481.0052.
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.