Mortgage Rate Trends for the week 06/01/2007

American homeowners saw Atlanta mortgage rates rise for the ninth time in eleven weeks, and for the fifth straight week running.  According to Bankrate.com’s national survey of large lenders, 30-year fixed rate mortgage rates rose five basis points over the past week to end the week at 6.47 per cent.  Likewise, 5-year adjustable rate mortgage rates rose five basis points week-on-week to end this week at 6.32 per cent.  A one basis point increase is the equivalent of an increase of one-hundredth of one percentage point.  However, according to Bankrate.com’s national survey of large lenders, 15-year fixed rate mortgage rates saw the largest week-on-week rise, with a rise of six basis points seeing 15-year fixed rate mortgage rates at 6.15 per cent.  As little as three weeks ago 15-year fixed rate mortgage rates were 6 per cent.  This now means that 5-year adjustable mortgage rates are at their highest level since August 2006.