Atlanta Mortgage Rate Trend for the week 10/02/2006

Atlanta homeowners and buyers will be happy that the expected back-lash from last week’s dramatic falls in mortgage interest rates did not materialize.  Even better news was that not only did American mortgage rates not rebound last week, but that they either stayed steady or fell slightly.  According to Bankrate.com’s national survey of large lenders, this week saw both 30-year and 15-year fixed rate mortgage stay steady at 5.80% and 5.50%, respectively.  5-year adjustable mortgage rates, on the other, managed a slight drop south of its impressive figure of last week with a one basis point drop from 5.52% to 5.51%.

With 15-year fixed term rates now fighting head-to-head with 5-year adjustable mortgage rates, American homeowners with 5-year adjustable mortgages must be thanking that they have ridden their luck and stayed the course through this latest round of reductions in American home mortgage rates.  They must, however, also be wondering how much longer this can last and whether or not it could be conceivable the next week we will see a further drop in 5-year adjustable mortgage rates.