January has been a great month for interest rates in Sandy Springs, GA and across the nation. Mortgage interest rates are at a record low. The current interest rate for a home purchase is currently above 5% right now. 

That’s one of the lowest rates since Freddie Mac started monitoring the rates back in 1971. Over the past ten years we’ve see dramatic reduction in interest rates.

With these new interest rate reductions would make it a great time to purchase a home right now. 

With a one point reduction in the interest rates would equal to about a 10% reduction in the monthly mortgage payments. That means that houses are now more affordable than in the past. And this is definitely a buyers’ market. 

The homes in more expensive locations have greater discounts on their prices. So a home that was originally $250,000 may now sale for $230,000, which would give the buyer a $20,000 discount. And due to the discount and the lower interest rate, the houses are more inexpensive to purchase.