Nationwide offers Georgia homeowners low rate second mortgages, home purchase loans, credit lines and refinancing with fixed or interest only options. Atlanta home values have continued to hold their value, but how long will it last? Many homeowners are not taking a chance, as they continue to set up home equity lines of credit behind their existing 1st mortgage. People like the helocs because they pay no interest each month if they do not access their credit line. If the storm arrives, then they can use their line of credit to help them weather the storm.

Atlanta Housing Still Hot with Low Mortgage Rates
By Nick Rian

Atlanta home prices getting hotter. The latest sales data from The National Association of Realtors shows the metro areas median home price rose from $168,400 during the first quarter to $173,900 during the second.

David Lereah, NAR's chief economist, says a market transition is apparent. "With more sellers competing for the pool of buyers, the pressure on home prices has evaporated in most metro areas," he said. "After a full year of double-digit gains in the national median price, the timing is right for a cooling in the rate of growth - we are presently experiencing a soft landing in the housing sector."

Home sales have also jumped up 5.3% from 245 to 252 units sold from the first to second quarter of 2006. "When you look at states with high housing costs or that have experienced a prolonged period of rapid price gains, you typically see slower home sales," says David Lereah, chief economist for the National Association of Realtors. "By contrast, states with moderately priced areas that have experienced healthy job creation are seeing sales gains - the economic backdrop remains favorable for the housing market, which is helping home sales to level out."

Most economists think rising interest rates have cooled the nationwide housing market. The prime interest rate has jumped more than one point since the beginning of the year and has now leveled off at 8.25% for three months. Georgia mortgage brokers also reported another drop in second mortgage interest rates for this period. This resulted in a slight increase in home equity loan application volumes. While Atlanta refinance application volumes dipped slightly for the same period.

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage was 6.60 percent in the second quarter, up from 6.24 percent in the first quarter; it was 5.72 percent in the second quarter of 2005.

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