Mortgage Rate Trends for the week 08/03/2007

American homeowners will no doubt be glad to see a further fall in Atlanta mortgage rates over the past week.  According to Bankrate.com's national survey of large lenders, 30-year fixed rate mortgage fell by four basis points this week to end the week at 6.71 per cent.  15-year fixed rate mortgage rates had a similar reduction of four basis points ending the week at 6.38 per cent.  Once again, however, 5-year adjustable rate mortgage rates had the best results this week, with a five basis point reduction week-on-week to see out this week at 6.36 per cent.  A one basis point reduction is equivalent to a reduction of one hundredth of one percentage point.