Mortgage Rate Trends for the week 10/30/2006

After a couple of weeks of steadily increasing mortgage rates, homeowners will be delighted to hear that once again this week saw Atlanta mortgage rates plunge dramatically across the board.  According to Bankrate.com’s national survey of large lenders, this week saw all Atlanta mortgage rates fall by 10 basis points or more.  Best among the home mortgage rates on offer to come out on top were 15-year fixed rate mortgage rates, which saw an 11 basis point drop from last week’s 5.66% to this week’s 5.55%.  Both the 30-year fixed rate mortgage rates and 5-year adjustable rate mortgage rates were no slackers however, with both achieving double-digit 10 basis point drops from 5.94% and 5.67%, respectively, last week to this week’s 5.84% and 5.57%, respectively.  With this dramatic fall in Atlanta mortgage rates many would think that many potential homeowners would be lining up to buy their homes this week, but it would seem that we may now all be looking forward to Thanksgiving as the number of American’s applying for home mortgages actually saw a small fall off week-on-week this week.  Nonetheless, these continued declines should start to help with the housing market weakness that we have been experiencing so far in 2006.