A question on many American’s minds at the moment is whether the current housing market might just be primed and ready for a boost in home sales. Atlanta mortgage rates are seeing cross the board reductions. Some form of stability has returned to home mortgage rates. The sub-prime mortgage woes don’t seem to have completely materialized in the nightmare manner that was previously being predicted. And according to recent figures released by the National Association of Realtors, year-on-year comparable figures for home sales in June showed an overall reduction of 13.6 per cent., from 699,000 in June 2006 to 604,000 in June 2007. Each of these indicators would certainly seem to suggest that right now is just about time to ring the buyers’ bell. On the other hand, while we have clearly moved into a buyer’s market, before you rush out there and buy some prime real estate, keep in mind that there may be just a little more room for further corrections in the market that could end up saving you thousands of dollars.
Atlanta mortgage rates experienced yet another pleasant turn on the 2007 home mortgage interest rate rollercoaster ride that is worthy of its place in any large theme park. According to Bankrate.com’s national survey of large lenders, healthy falls across the broad spectrum of Atlanta mortgage rates were seen in the last seven days. 30-year fixed rate mortgage rates fell by seven basis points week-on-week to end this week, and this the month of July, at 6.75 per cent. 15-year fixed rate mortgage rates fared even better, seeing an eight basis point reduction this week to end the month at 6.42 per cent. So long the poor relative of Atlanta mortgage rates this year so far, 5-year adjustable rate mortgage rates experienced the healthiest reduction this week, falling a double-digit fifteen basis points this week to end the month at 6.41 per cent. A one basis point reduction is equivalent to a reduction one hundredth of one percentage point.
Having started the year very flat, the period between mid-May and early June gave a number of American homeowners cause for concern, as Atlanta mortgage rates experienced weekly rises – some of which were fairly substantial. However, in recent weeks the scene in regard to Atlanta mortgage rates has returned back to something resembling what we were experience at the outset of this year, with marginal gains or increases week-in, week-out. So how are we doing? The truth is, despite the fairly bleak comments Bernanke made this week regard the housing market in the US, Atlanta mortgage rates themselves are not doing too badly, when compared to historic rates. Bankrate.com has been tracking 30-year fixed rate mortgage rates for over 22 years and in all this time, the mean average for 30-year fixed rate mortgage rates has been 7.99 per cent. Today’s rate of 6.82 per cent for 30-year fixed rate mortgage rates is a good percentage point lower than the long-term mean. As such, any time we want to complain about how high Atlanta mortgage rates are at the moment, let’s keep in mind that in the grand scale of things, Atlanta mortgage rates at the moment are fairly attractive.
Once again Atlanta mortgage rates experienced a slight increase over the course of the past seven days. According to Bankrate.com’s national survey of large lenders, the 30-year fixed rate mortgage rate rose four basis points over this time to end this week at 6.82 per cent. Likewise, the 15-year fixed rate mortgage rate also saw a four basis point increase this week to end the week at 6.5 per cent. The smallest week-on-week rise was seen with 5-year adjustable rate mortgage rates, which ended the week at 6.56 per cent, an increase of two basis points from last week. An increase of one basis point is equal to an increase of one hundredth of one percentage point.
Several analysts are now considering what, if any, affect the guidelines issued last week by federal regulators will have on Atlanta mortgage rates. In short the guidelines don’t saying anything amazingly new! What they do say is that lenders should not be lending to people who cannot afford to repay their home mortgage loans – and the only thing new in that message is that federal regulators feel the need to say it at all! What it may, however, lead to is a return to more stringent deposit requirements on home buyers. However, even this should not be an overtly bad message for Atlanta homeowners. After all, the larger the down payment you are able to make towards the payment of your home, the less you need to borrow, and thus the less interest you’ll be charged over the term of the home loan.
Essentially then the message this Independence holiday week is the same as it has always been, make sure you manage your finances and stay one step ahead of the game.
In what is traditionally a slow holiday week, American homeowners will no doubt be glad for the rest from the recent roller coaster ride in Atlanta mortgage rates. According to Bankrate.com’s national survey of large lenders, this week was flat insofar as any movements in Atlanta mortgage rates was concerned. 3-year fixed rate mortgage rates remain dead-pan week-on-week at 6.74 per cent. 15-year fixed rate mortgage rates saw a slight adjustment, rising by one basis point to 6.41 per cent this week. Likewise, 5-year adjustable rate mortgage rates also rose one basis point to 6.48 per cent this week. A basis point rise is equal to a rise of one hundredth of one percentage point.
Until two months ago, these had been the typically tight bands in which Atlanta mortgage rates had been moving week-on-week so far this year. Obviously, recent trends have told a different story, but there’s hope that the lull of this week might precede another round of tight interest rate changes in the next few weeks and months. Additional hopes of this might have been felt following the decision by the rating setting committee of the Federal Reserve last week to keep short-term rates unchanged. Obviously the Federal Reserve doesn’t set Atlanta mortgage rates, but a combined message of inflation being under control along with a recent move into safe US treasury and bonds following the failed terrorist attacks in Britain last year have lead to a driving down of bond interest rates, which do have more of an affect on our Atlanta mortgage rates.
