Mortgage Rate Trends for the week 04/06/2007

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.