WARNER ROBINS, Ga. — Despite recent federal interest rate cuts, homebuyers in Houston County aren't seeing significant relief in mortgage rates, according to local real estate experts.
Mortgage rates in the area are currently hovering around 6% to 6.25%, only slightly lower than recent highs. This comes as a surprise to many who expected the Federal Reserve's rate cuts to translate directly into lower mortgage rates.
Ashleigh Haller, a managing broker at Golden Key Realty in Warner Robins, explains the disconnect.
"It's not directly correlated to mortgage interest rates,” Haller said. “So a lot of people say when, oh, they jumped way down, that wasn't directly affecting mortgage interest rates."
The current rates are a far cry from the historic lows seen during the pandemic, when some buyers secured mortgages as low as 2.5% to 3.5%. However, Haller cautions against using those rates as a benchmark.
"The people that said, 'Why would I buy now at a 6% when I could have gotten a 3.5%,' that ship has sailed," Haller said. "And so would we love to have that back? Absolutely. Will it happen? Probably not."
Despite higher rates, the housing market in Houston County remains relatively stable. This resilience is largely attributed to the region's robust job market, with major employers like Robins Air Force Base and new manufacturing plants in nearby Macon driving demand.
Savannah Huppmann, who owns two rental properties in Warner Robins, sees the current market as an opportunity.
"We have recognized that this is a great area for rentals because we have the military base and just a fluctuation of the factories that are here," Huppmann said.
For buyers, the landscape has changed significantly from the frenzied market of recent years. House hunters now have more time to explore their options and make informed decisions.
"Buyers can actually go view 1, 2, 3, 10 homes and go down, sit down, we pros and cons and figure out if this house is for them," Haller said. "This is a stark contrast to the height of the market when offers were often made on the spot to beat out competition."
The current market also presents unique challenges for sellers, particularly those who secured very low interest rates in recent years. Many are reluctant to sell and take on new mortgages at higher rates, contributing to a slight increase in inventory.
Huppmann and her boyfriend are focusing their investment strategy on larger family homes to meet the needs of incoming residents.
"We're also trying to focus on larger family homes,” Huppmann said. “So three plus bedrooms, two plus bathrooms because we're trying to accommodate people that, you know, are coming in.”
Looking ahead, experts don't expect significant changes in the near future. Haller projects that rates will remain relatively stable over the next year, with potential for small fluctuations. For those considering entering the market, both Haller and Huppmann stress the importance of focusing on individual needs rather than trying to time the market perfectly.
"If you find a house that fits your family's needs, your needs, it fits your budget, your finances, go ahead and buy it,” Haller said. “There's always gonna be need to upsize, downsize. You know, you just have to do what's best for you.”