Mortgage Rate Trends for the week 06/22/2007

Atlanta mortgage rates experienced yet another roller coaster week.  This time, however, American homeowners end the week with more of a good feel factor – for the first time in two months Atlanta mortgage rates fell.  Although the cross the board fall in Atlanta mortgage rates in the past week may not look much when stacked against the significant jumps over the past seven weeks, according to Bankrate.com’s national survey of large lenders both 30-year and 15-year fixed rate mortgage rates fell eight basis points week-on-week and 5-year adjustable rate mortgage rates faired even better, falling nine basis points.  In any given week, these are fairly impressive figures and should be read as such, regardless of the recent increases.  Accordingly, Bankrate.com’s national survey of large lenders has 30-year fixed rate mortgage rates at 6.76 per cent, 15-year fixed rate mortgage rates at 6.45 per cent and 5-year adjustable rate mortgage rates at 6.58 per cent, respectively, this weekend.  A one basis point reduction is equal to a fall of one hundredth of one percentage point.