Atlanta Mortgage Rate Trend for the week 09/25/2006

American homebuyers should be absolutely delighted with the fall in overall mortgage rates this week.  According to Bankrate.com’s national survey of large lenders, this week saw the biggest drop in home mortgages rates since March ’06.  Across the board drops made the news even better.  Leading the way, with a 10 basis point drop, from 5.62% to 5.52%, was 5-year adjustable-rate mortgage rates.  This was closely followed, however, with a 8 basis point drop, from 5.88% last week to 5.80%, in 30-year fixed-rate mortgage rates.  Lagging behind the leaders, with a mere 7 basis point drop, was 15-year fixed-rate mortgage rates.  Delight among US home buyers, however, may be short lived among those who recall the 18 basis point drops back in March of this year, which then rapidly rebounded the week after.  Economists, however, doubt this is going to happen again this time and predict that US home mortgage rates should stay fairly stable over the next week.  Those with 5-year adjustable-rate mortgages must be crunching the numbers at the moment though as a jump into a 15-year or 30-year fixed-rate mortgage must be looking very attractive right about now.