Interestingly, mortgage rates fell or stayed the same for 51 of the past 66 trading days.
And that has left 30 year fixed rates very close to 3.5% for the best execution rates. That is for conventional rates; FHA and VA rates are even lower.
And this does two things that Atlanta homeowners and prospective buyers should take advantage of. The first is cash flow for current homeowners, by refinancing at these low rates. Even if you are upside down on your mortgage, there are several options that could well apply to you – a Streamline FHA refinance, HARP 2 refinance or a VA IRRRL refinance.
And those looking at purchasing a home are in luck. Rates continue to fall making homes the most affordable in years.
Low rates couple with a 44% drop in average home prices in Atlanta, and homes have become very affordable on an average salary.
Thinking of buying a home? Act now, they’re on sale!
Just look on the chart above at what a rise in interest rates does to the mortgage payment. It is a dramatic rise in payment as rates tic up. Buying now, or taking advantage and refinancing, is like getting a raise. Cash flow in your household is improved over current mortgage payments or, in many cases, over current rent payments.
Call me if I can help you explore getting approved for a home, 1-800-MY-LOANS.