See photos and updates from listings directly in your feed
Share your favorite listings with friends and family
Save your search and get new listings directly in your mailbox before everybody else
See How Your Payment Changes in East Cobb, Roswell, Alpharetta, Milton, and Sandy Springs
Buyers across North Metro Atlanta are asking the same question:
“Should I wait for rates to fall before buying?”
To answer that, let’s look at what actually happens when you slide the rate—not the price.
What Happens When Your Rate Changes by Just 1%?
Here’s how a small shift in the 30-year mortgage rate affects the principal and interest payment (P&I only) for a median-priced home in our local markets.
| Rate | East Cobb ($750K loan $720K) | Roswell ($800K loan $770K) | Alpharetta ($900K loan $865K) | Milton ($1.1M loan $1.05M) | Sandy Springs ($950K loan $910K) |
|---|---|---|---|---|---|
| 7.0% | $4,790/mo | $5,123/mo | $5,759/mo | $6,981/mo | $6,228/mo |
| 6.5% | $4,553/mo | $4,868/mo | $5,469/mo | $6,631/mo | $5,920/mo |
| 6.0% | $4,319/mo | $4,619/mo | $5,182/mo | $6,286/mo | $5,615/mo |
| 5.5% | $4,089/mo | $4,374/mo | $4,901/mo | $5,949/mo | $5,315/mo |
| 5.0% | $3,864/mo | $4,133/mo | $4,625/mo | $5,617/mo | $5,019/mo |
(Assumes 4% down, 30-year fixed, principal + interest only. Taxes, insurance, and HOA excluded.)
The Big Takeaway: Price Beats the Rate
Most buyers fixate on the rate, but the price of the home carries more weight.
Yes, dropping from 7% to 6% can save $300–$500/month—but a $25,000 price difference can have nearly the same impact on your monthly payment.
That’s why smart buyers act when prices soften, not just when rates do.
When rates eventually drop and competition floods back in, prices will climb again—erasing most of that monthly savings.
Alpharetta vs. East Cobb: Same Rate, Different Story
Even at the same interest rate, the difference in home values across our markets creates a significant payment gap.
- Alpharetta: $900K median → ~$5,200/month @ 6.2%
- East Cobb: $750K median → ~$4,340/month @ 6.2%
That’s a $860/month difference purely due to price, not rate.
And for many buyers, that difference determines whether they qualify or stay on the sidelines.
The Myth of the “Mortgage-Rate Miracle”
Many buyers are waiting for the mythical 5% mortgage rate, thinking it will solve affordability overnight.
But even that doesn’t completely transform the equation.
If you bought today around 6.2% and refinanced later at 5%, you might save roughly $400–$600/month—only if home prices don’t rise in the meantime.
And that’s the risk: when rates fall, demand surges, bidding wars return, and sellers regain leverage—often pushing prices higher than the savings you hoped to gain from the lower rate.
The Bottom Line
Waiting for rates to drop isn’t a strategy—it’s a gamble.
Whether you’re shopping in East Cobb, Roswell, Alpharetta, Milton, or Sandy Springs, focus on what you can control right now:
- Negotiate on price.
- Ask for seller-paid rate buydowns.
- Lock your rate when the numbers work for your budget—not for the headlines.
When rates finally fall, you can always refinance—
but you can’t go back and buy the same home for less.
