Mortgage Rate Trends for the week 07/27/2007

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.