Atlanta Mortgage Rate Update - 6/19/2006

Mortgage rates in Atlanta, Georgia were up between 1/8% and 1/4% over the past week. Last week saw very bad news on the Consumer Price Index (CPI) front, with prices rising 2.4% year over year. The Fed quickly made it known that they were not happy with this number and it looks likely that they will raise rates for the 17th consecutive time late this month. Also, the early August meeting looks like there will be another rate hike at that time.

With what has seemed like a steady stream of bad news over the past month, some are saying that this 17th hike may actually be a 1/2% hike. With that kind of uncertainty looming, we urge all of our customers to continue to lock in their rates as early as possible. Additionally, anyone who is sitting in a 3/1 or 5/1 ARM which is nearing the end of the fixed period, now is the time to lock in the still low 30 year fixed rates.