Mortgage Rate Trend for the week 10/09/2006

Following several month’s of good news, American homeowners woke up to a bump this week as the expected backlash from recent falls in mortgage rates came through.  According to Bankrate.com’s national survey of large lenders, Atlanta mortgage rates were all sharply up from the previous week.  Week-on-week comparisons saw the 30-year fixed rate mortgage interest rate take the biggest hit, with a ten basis point upswing from 5.81% last week to today’s 5.91%.  15-year fixed rate mortgage interest rates did not fair much better, rising from 5.51% to 5.60% week-on-week..  The least affected Atlanta mortgage interest rate this week was the 5-year adjustable mortgage rate, which saw an eight basis point jump from 5.52% last week to this week’s 5.60%.

Given the recent run of good news, with across the board mortgage interest rates seeing steady declines over a 4-month period, most American homeowners will be hoping that this week’s movements are just a glitch and that the markets took the chance of a short working week to correct themselves slightly.