Mortgage Rate Trends for the week 06/15/2007

Seven weeks and counting – that’s how long this wave of increasing Atlanta mortgage rates has now been going on for.  American homeowners had to sit back and experience another week of near record increases in Atlanta mortgage rates across the board.  According to Bankrate.com’s national survey of large lenders, the 30-year fixed rate mortgage rate saw a twenty three basis point jump week-on-week to end the week at 6.84 per cent, its highest level this year so far.  15-year fixed rate mortgage rates didn’t avoid the fallout, rising twenty basis points from last week to end the week at 6.53 per cent.  5-year adjustable rate mortgage rates faired the best over the course of the last week, rising a mere fifteen basis point and ending the week 6.67 per cent.  A one basis point rise equates to a rise of one hundredth of one percentage point.