ATLANTA — Mortgage rates in Georgia have dropped significantly this week, with the national average for 30-year mortgages falling to 6.35%, the lowest in nearly a year.
This decrease in mortgage rates is expected to boost the housing market in Georgia, as it did last fall when a similar drop led to an increase in year-over-year sales.
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“This week has been the wild, wild west,” said Maja Sly, an affordable housing advocate, told Channel 2’s Michael Doudna.
Sly reported experiencing double closings and more showings in one week than she had all summer, attributing this surge to the lower mortgage rates.
According to Freddie Mac, the drop in rates has led to a 12.2% rise in refinance activity from the previous week, and overall mortgage demand increased by 9.2%, marking the largest increase in borrower demand in three years.
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Joel Berner, a senior economist at Realtor.com, suggested that the rate drop might be due to a poor jobs report, which could lead to the Federal Reserve lowering interest rates.
Berner also mentioned that even a small relief in mortgage rates can significantly impact potential buyers, especially those on the margin.
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