Mortgage Rate Trends for the week 06/08/2007

If the past five weeks have been unpleasant for American homeowners, then the past week has been particularly hard felt.  According to Bankrate.com’s national survey of large lenders, Atlanta mortgage rates rose for the sixth straight week to end the week at new 10-month highs.  Bankrate.com’s national survey of large lenders recorded a fourteen basis point week-on-week rise for the benchmark 30-year fixed rate mortgage rate, which ended the week at 6.61 per cent. Slightly less affected was the 15-year fixed rate mortgage rate, which saw a twelve basis point week-on-week rises to end the week at 6.33 per cent.  Once again, however, 5-year adjustable rate mortgage rates were the hardest hit insofar as week-on-week rises go, climbing fifteen basis points in the past week to end the week at 6.52 per cent.  A single point rise in basis points is equal to a rise of one hundredth of one percentage point.