Mortgage Rate Trends for the week 05/11/2007

Once again American homeowners have experienced a week in which Atlanta mortgage rates have been relatively static.  According to Bankrate.com’s national survey of large lenders, 30-year fixed rate mortgage rates rose by as little as one basis point in the past week to end the week at 6.29 per cent.  15-year fixed rate mortgage rates did not move at all to stay at 6.00 per cent.  5-year adjustable rate mortgage rates did see some slight movement, rising three basis points to end the week at 6.16 per cent.  A one basis point rise equates to an increase in Atlanta mortgage rates of one hundredth of one percentage point.

All in, the year so far as has seen Atlanta mortgage rates move within a very narrow corridor.  30-year fixed rate mortgage rates have not risen above 6.5 per cent. all year, nor have they fallen below 6.00 per cent.  While not unheard of, it is uncommon for Atlanta mortgage rates to experience such a prolonged period in which home mortgage rates stay within such a narrow band.  Expectations, however, are that we are likely to see more of the same in the near future.