Mar 4, 2024 - News
What mortgage rates mean for metro Atlanta home buyers this spring
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Lower mortgage rates could push up home prices in Atlanta and nationwide if demand surges and inventory remains tight.
Why it matters: Steep borrowing costs are just one piece of the housing affordability crisis.
State of play: U.S. rates for 30-year mortgages are down from 20-year highs, but have crossed 7% again.
- Experts don't expect the Fed to make interest rate cuts until May or June.
By the numbers: In metro Atlanta, home prices surged and bidding wars were rampant when mortgage rates dropped below 3% in 2021. As rate hikes locked current homeowners in place, prices remained elevated.
The fine print: Despite stabilizing, median home prices are still higher than they were pre-pandemic.
- The Atlanta-area median sales price was around $379,995 in December 2023, compared to $252,000 in December 2019, per Redfin.