Mortgage Rate Trend for the week 10/16/2006

Those with 5-year adjustable mortgage rates may well be wondering why they did not take what looks to have been attractive option of converting to a fixed rate mortgage in the last few months.  With Bankrate.com’s national survey of large lenders showing an across the board increase in Atlanta mortgage rates this week, the 5-year adjustable mortgage rates took the biggest hit as they saw the interest rate being charged on their home loan jump a full four basis points from last week’s 5.60% to this week’s 5.64%.  Conversely, both the 30-year fixed rate and 15-year fixed rate mortgage rates remained fairly constant, both of which moved north by one and two basis points respectively to stand this week at 5.92% and 5.62%, respectively.

Needless to say, many Atlanta homeowners may now be looking around to see how the experts see Atlanta mortgage rates going before deciding whether they should hold out and see if 5-year adjustable rate mortgage rates are just re-aligning themselves of if the cross the board rise in Atlanta mortgage rates in the last two week is signs of an ongoing trend.