“What are the current interest rates?” This is a very common question from real estate agents and buyers. Answering the question of what’s today’s interest rate is as difficult to answer as “What’s the price of a four bedroom home in the Atlanta area?” The answer to both of these questions is, “It depends!” There are many factors that impact both of these numbers.
The price of four bedroom homes in the Atlanta market area ranges wildly based on location, actual size of the home, amenities of the subdivision, quality of construction and construction materials, and a very long list of other factors.
Interest rates also vary wildly based on the individual borrower’s credit score, loan to value, borrower’s assets, borrower’s income, borrower’s debts and loan options such as waiving escrows, and if the property is a condo.
Interest rates are like ice cream. The price of a plain vanilla cone is one price, but if you add hot fudge, nuts, fruit and cherries, the cost goes up! (more…)