Mortgage Rate Trends for the week 04/27/2007

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.