A combined effect of a slight rise in 5-year adjustable rate mortgage along with 15-year fixed rate mortgage rates dipping below the psychologically important six per cent. barrier this week has a number of homeowners wondering whether they should be fixing their Atlanta mortgage rates for 30 or 15 years. The simple answer to this question is that there is no simple answer! A number of personal factors need to be considered. What can be said is that homeowners with 30-year fixed rate mortgages will benefit from seeing lower monthly mortgage repayments. However, this comes at the cost of having to pay more in interest payments over the term of the loan. Depending on the size of the home mortgage loan, this could turn out to be a significant sum. On the other hand, if you are young and have limited disposable income each month, the low monthly repayments of a 30-year fixed rate mortgage could be just the ticket you need to buy your home.
Homeowners no doubt have mixed feelings over the direction Atlanta mortgage rates have taken over the course of this week. According to Bankrate.com’s National Survey of Large Lenders, 30-year fixed rate mortgage rates fell two basis points to the end the week at 6.27 per cent. 15-year fixed rate mortgage rates also saw a fall of three basis points to end the week at 5.99 per cent. 5-year adjustable rate mortgage rates, on the other hand, saw a slight increase of one basis point to end the week at 6.12 per cent. A basis point is equal to one hundredth of one percentage point.
Overall the, not a bad week for Atlanta mortgage rates. However, those homeowners with 5-year adjustable rate mortgages must be wondering whether the slight rise they experienced over the last week has anything to do with the goings on in the sub-prime mortgage sector. This feeling may well be compounded by the slight week-on-week falls seen in the fixed rate Atlanta mortgage rate sector. On the upside, it may just be the usual trend one normally experiences, but a careful eye on where 5-year adjustable mortgage rates are going should still be the order of the day if you have an ARM.
Although homeowners finally got some good news with this weeks cross the board fall in Atlanta mortgage rates, by far the largest number of mortgage applications during the past week related to refinances. Indeed, even given the six basis point fall, applications for 5-year ARMs last week were at their lowest level since 2003, suggesting that most homeowners have applied for the wrong kind of mortgage! So how do you get the best out of your home mortgage rate? The answer may be much easier than you think. First of all, unless you anticipate moving fairly soon after you buy your property, then the chances are that, over time, electing a 30-year fixed rate mortgage will work for you. On the flip-side, if you are in a starter home and know you’ll want to move as your family gets bigger, then the 5-year ARM will likely be the better choice for you. Overriding both these, however, is making sure your credit rating remains good. If you have a depressed credit rating this will have a significant effect on your Atlanta mortgage rate. The difference between having a prime rate Atlanta mortgage rate and a sub-prime mortgage rate is such that you have to ensure this remains healthy if you wish to ensure that you get the best out of your home mortgage rate.
American households will be letting out a collective air of relief as, according to Bankrate.com, Atlanta mortgage rates fell for the first time in five weeks over the past week.Bankrate.com’s national survey of large lenders shows 30-year fixed rate home mortgage rates falling by two basis points in the past week to end the week at 6.29 per cent. 15-year fixed rate mortgage rates also fell by a like sum of two basis points to end the week at 6.02 per cent. However, those with 5-year adjustable rate mortgage (ARM) rates will be happy to see that the prime ARM market is not taking the expected hit from the troubles looming in the sub-rime ARM market, with Bankrate.com’s national survey of large lenders evidencing the biggest fall of the week for 5-year ARMs. Down six basis points 5-year ARMs ended the week at 6.11 per cent. One basis point fall in Atlanta mortgage rates is equal to a drop of one percentage point of one per cent.
Given that 30-year fixed rate mortgage rates have risen for the third week in a row, and following all the latest discussion about whether or not the US taxpayer is going to have to help bail-out a fledging sub-prime mortgage sector, many Atlanta homeowners will no doubt be wondering this Easter break weekend whether or not they should now start to tighten-up the belt and reign in the spending.
According to a recent survey of the nation’s mortgage lenders by Bankrate.com on where home mortgage interest rates will be going in the coming 30-45 days, analysts are evenly split between there being some movement in Atlanta mortgage rates and things staying as the are. Of those surveyed, 29 per cent of analysts thought home mortgage rates will go down. 21 per cent thought that home mortgage rates would rise. And 50 per cent of analysts thought that there would be no change at all. Although Bankrate.com’s national survey of large lenders surveys prime mortgage rates, with three-quarters of analysts polled indicating that it is unlikely Atlanta mortgage rates are going to increase in the next 30-45 days, homeowners may be able to feel a level of financial comfort as they tuck into their chocolate Easter eggs this weekend.
With 30-year fixed rate mortgage rates rising for the third straight week, American homeowners may be forgiven for wondering whether the latest rise in Atlanta mortgage rates signals the start of a trend or is just a continuation of the recent adjustments being felt in the market.According to Bankrate.com’s national survey of large lenders, 30-year fixed rate mortgages rose three basis points this week to 6.25 per cent. 15-year fixed rate mortgages also saw a slight increase, rising five basis points to finish the week at 5.95 per cent. Fairing worst of the bunch, however, was 5-year adjustable rate mortgage rates, which saw a seven basis point rise week-on-week to end the week at 6.12 per cent. One basis point rise in Atlanta mortgage rates represents a rise of one percentage point of one per cent.
