So where are we now?

Having spent a significant part of the first half of this year moving within a very narrow band, Atlanta mortgage rates have experienced something of a yo-yo ride over the past couple of months.  This begs the question of exactly where do we stand now insofar as Atlanta mortgage rates are concerned?  Well, if you read the short-term figures then the picture doesn’t’ read too happy.  According to Bankrate.com’s national survey of large lenders, Atlanta mortgage rates are up just short of half a percentage point in past two months.  However, as American homeowners know, a mortgage is anything but a short-term commitment, so let’s take a longer look at comparable Atlanta mortgage rates.  Looking at this over a period of the last twelve months, the figures read much more favorably.  Both 30-year fixed rate mortgage rates and 15-year fixed rate mortgage rates are at almost exactly the same place this weekend as they were a year ago from today.  That’s right, Atlanta mortgage rates have hardly moved at all over the course of the past twelve months.  Now, anyone reading our reports over the last seven weeks might find that hard to believe, and this period has certainly been a rollercoaster ride many of us would have chosen not to go on, but the fact remains that if you have a home mortgage, then stability in home mortgage rates is a very important consideration.  And, you don’t get much more stable than having Atlanta mortgage rates at almost the same spot they were twelve months previously, regardless of what goes on week-in, week-out.  Which goes to show that when you are looking at mortgages, think long-term, not short-term.