It's pretty much a foregone conclusion that Metro Atlanta mortgage rates have already hit their all-time low when the benchmark 30-year fixed rate was 3.31 percent in November 2012.
Metro Atlanta home buyers won't see that level again. But the point the folks at Freddie Mac are making is this: Metro Atlanta mortgage rates right now remain historically low. Remember the 1980s and 18 percent?
Metro Atlanta mortgage rates have remained right at or below 4.5 percent for weeks now.
Metro Atlanta Mortgage Rates in Comparison
One thing seems certain: we aren't likely to see average 30-year fixed mortgage rates return to the historic lows experienced in 2012.
Had a borrower purchased a home a year ago, he or she would be paying about $90 less in interest a month, or about $1,080 a year.
But Freddie Mac takes the long view for a better perspective.
During the 1970s, the average 30-year rate was 8.86 percent. That average surged to 12.7 percent in the gloomy real estate days of the 1980s.
The all-time record high occurred in October of 1981, hitting 18.63%. That's more than four times higher than today's average 30-year fixed rate of 4.51% as of last week.
So as you can see, Metro Atlanta mortgage rates today still make now one of the best times to buy a home in the last 40+ years.
Check out our other articles and news affecting Metro Atlanta mortgage rates by clicking on the Atlanta Mortgage Info link to your right under Atlanta Real Estate Categories.