Mortgage Rate Trends for the week 03/23/2007

Atlanta mortgage rates recorded only their second week-on-week rise since January with the end of the fall in interest rates that was experienced this past week.

According to Bankrate.com’s national survey of large lenders, Atlanta mortgage rates inched up marginally across the board.  15-year fixed rate mortgage rates faired best, but only managed to hold steady week-on-week at 5.93 percent.  30-year fixed rate mortgage rates saw a 3 basis point jump from 6.16 percent last week to end this week at 6.19 percent.  5-year adjustable rate mortgage (ARMs) rates took the hit this week, rising 4 basis points to end the week at 6.08 percent.  A basis point is one-hundredth of one percent.

Atlanta mortgage rates remain under the psychologically important threshold of 6 percent, meaning that all is not doom and gloom in the American home mortgage market just yet.  Moreover, with all the fuss that has been prevailing in Congress and elsewhere over the last few week in relation to sub-prime lending, its little surprise that a small correction took place with Atlanta mortgage rates over the past few days.