Mortgage Rate Trends for the week 05/25/2007

American homeowners were faced with a nasty shock this week: Atlanta mortgage rates spiked to such an extent it set Atlanta mortgage rates back to the last week of January.  Not since the last week of January have Atlanta mortgage rates been this high, with American homeowners having become complacent seeing mortgage rates move within a very narrow band for the best part of six months. Now, according to Bankrate.com’s national survey of large lenders, that comfort has come to an abrupt end!

According to Bankrate.com’s national survey of large lenders, the 30-year fixed rate mortgage rate saw a ten basis point jump over the last week to end this week at 6.42 per cent.  Likewise, 15-year fixed rate mortgage rates also saw a ten basis point jump to end the week at 6.15 per cent.  Probably because it has fared worst over the past few weeks, the 5-year adjustable rate mortgage rate saw the smallest week-on-week rise this week, climbing by eight basis points to end the week at 6.32 per cent.  In any other week this year so far, however, a spike of eight basis points would have been a clear winner for highest climber that week.  A rise of one basis point is equal to a rise of one hundredth of one percentage point.