Mortgage Rate Trends for the week 12/18/2006

They say finance goes in cycles and having fallen for six weeks in a row, we now see a second week in a row where Atlanta mortgage rates have taken a hit.  Fortunately, according to Bankrate.com’s national survey of large lenders, Atlanta mortgage rates did not suffer the same damage as last week, with only minor cross-the-board rises in mortgage rates.

Bankrate.com’s national survey of large lenders shows 30-year fixed rate mortgage rates as having taken the biggest week-on-week hit, with Atlanta mortgage rates having risen three basis points from last week’s 5.65 percent to this week’s 5.68 percent.  15-year fixed rate mortgage rates saw a minor rise of two basis points week-on-week, from last week’s 5.42 percent to this week’s 5.44 percent.  Mirroring the slight rise in the 15-year fixed rate mortgage rates was the 5-year adjustable rate mortgage rates, which rose two basis points from last week 5.50 percent to this week’s 5.52 percent. A one basis point rise in Atlanta mortgage rates represents a rise of one percentage point of one percent.