Mortgage Rate Trends for the week 03/30/2007

In what is developing into a flat period for home mortgages rate, homeowners should not be surprised to hear that Atlanta mortgage rates remained fairly static over the past week.

According to Bankrate.com’s national survey of large lenders, benchmark 30-year fixed rate mortgages faired worse over the past week, with a small rise of 3 basis points week-on-week, rising from last week’s 6.19 per cent. to end this week at 6.22 per cent.  15-year fixed rate mortgage rates saw a very small fall of 1 basis point, to end the week at 5.92 per cent.  5-year adjustable rate mortgage (“ARM”) rates faired best over the past week, falling 3 basis points to see out the week at 6.05 per cent.  One basis point equals one-hundredth of one percentage point.

Although week-on-week figures have reflected small rises and drops of the past month, month-on-month Atlanta mortgage rates have remained fairly stable over the first quarter of 2007.  Given the current rumblings about problems in the sub-prime mortgage industry, those homeowners with prime rate home mortgages, which is what the Bankrate.com’s national survey of large lenders tracks, may feel that current trends in the home mortgage sector are doing better than could be expected.