Mortgage Rate Trends for the week 04/20/2007

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.