Mortgage Rate Trends for the week 12/11/2006

As predicted, the recent release of better than expected employment figures causing the 10-year treasury Note to reverse its recent downward trend last week was an indicator that Atlanta mortgage rates were likely to reverse their recent run of downward trends.  And so it has come to pass.

According to Bankrate.com’s national survey of large lenders, Atlanta mortgage rates saw a bounce-back this week to end up higher across the board than the previous week.  Hardest hit by this week’s rise in mortgage interest rates were 5-year adjustable rate mortgage rates, which saw a week-on-week climb of eight basis points from last week’s record low of 5.39 percent to this week’s 5.47 percent.

However, fixed rate mortgage rates were not left unaffected by the rise in Atlanta mortgage rates this week, with the 15-year fixed rate mortgage rate jumping six bases points from last week’s 5.34 percent to this week’s 5.40 percent and the 30-year fixed rate mortgage rate rising by five basis points from last week’s 5.58 percent to 5.63 percent.  A fall of one basis point represents one percentage point of one percent.