Mortgage Rate Trends for the week 05/18/2007

The direction in which Atlanta mortgage rates are likely to be moving in baffled experts across the nation once again this week.  While American homeowners will now be getting used to the tight region that Atlanta mortgage rates have moved in year to date, how long it’ll last is another question altogether.

Bankrate.com’s national survey of large lenders reported the 30-year fixed rate mortgage rate at 6.32 per cent for this week.  That’s a slight rise of three basis points.  15-year fixed rate mortgage rates also saw a slight rise week-on-week, of five basis points, to end the week at 6.05 per cent, the first time that 15-year fixed rate mortgage rates have been over the crucial threshold of 6.00 per cent for some weeks.  5-year adjustable rate mortgage rates, however, once again saw the biggest hit on weekly numbers, with a rise of eight basis points to end the week at 6.24 per cent.  A rise of one basis point equates a rise of one hundredth of one percentage point.While all three major products of Atlanta mortgage rates saw a rise this week, it’s worth noting that 30-year fixed rate mortgage rates have not been over 6.32 per cent this year so far and have not been lower than 6.24 per cent.  All in all, year to date Atlanta mortgage rates would evidence this year as being one of the tightest mortgage rate ranging on record.