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Property Law and Real Estate

2022

Mercer Law Review

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Real Property, Erica L. Burchell Dec 2022

Real Property, Erica L. Burchell

Mercer Law Review

This Article surveys developments in Georgia real property law between June 1, 2021 and May 31, 2022. The 2021 Calendar year saw interest rates on a fixed-rate thirty-year mortgage hover at or around roughly 3%—oftentimes actually being below 3%. Since the beginning of 2022, those rates have continued on a nearly steady climb, with the average rate for a thirty-year fixed-rate mortgage for the week of May 26, 2022, clocking in at over 5%, a staggering difference from the year before. Rising interest rates have likely cooled demand for refinances. Nationally, while 2022 is showing a decline in new purchase …