Atlanta Mortgage Rate Update - 8/28/2006

For the 5th straight week, mortgage rates dropped in Atlanta last week. The 30 year fixed rate mortgage dropped another 0.03 basis points.  This puts mortgage rates back to levels last seen in late March of this year.

This recent rally in the bond market continues to present a perfect opportunity to get out of those hybrid ARMs which are about to adjust upward for many borrowers.  Right now, someone with a 300,000 mortgage could do a no closing cost refinance with Primacy Mortgage at 6.50% (6.51% APR).  For anyone with an ARM adjusting in the next few months, this is a golden opportunity to lock in what is really a fantastic rate.