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.
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.
All the signs seem to be indicating that right now is not the right time to be out there looking to buy your own home. Atlanta mortgage rates have been on a bit of a roller-coaster ride over the past few months. 30-year fixed rate mortgage rates have risen 16 out of the 26 weeks year to-date. There’s an abundance of inventory on the market, with little movement taking place; and the average number of days that properties are on the market on an upward spiral across the nation. So you may well be thinking you should hold off on that property purchase. If so, likely as not you’ll be doing yourself no special favor. Yes, Atlanta mortgage rates have been on a roller-coaster ride over the past six to seven week – but when you make a year-on-year comparison, then Atlanta mortgage rates are still lower than a year ago. Yes, housing sales are lower than a year ago, and there does appear to be a growing amount of inventory. But, the fact is these are prime indicators of why right now is exactly why it should be time to think of buying your own property. Because, it is, after all, a buyer’s market out there today and you could find yourself picking up a fabulous little bargain. And that’s why right now is exactly the right time for you to be thinking about buying yourself a house.
Good news for American homeowners as Atlanta mortgage rates fell for the second week in a row this week. Another week of reductions and we will be at the start of an official trend in falling Atlanta mortgage rates. According to Bankrate.com’s national survey of large lenders, the benchmark 30-year fixed rate mortgage rate fell two basis points this week, to end the week at 6.74 per cent. 15-year fixed rate mortgage rates fared better, falling five basis points to end the week at 6.40 per cent. A basis point is one hundredth of one percentage point. By far the best recovery in the realm of Atlanta mortgage rates this week, however, was felt by those with 5-year adjustable rate mortgage rates, which saw a double-digit eleven basis point week-on-week reduction to see out the week at 6.47 per cent. You may be wondering why 5-year adjustable rate mortgage rates fared much better than the 30 and 15-year fixed rate mortgage rates over the course of the past week. While there is no easy answer to that question, many do feel that the tightening up of the sub-prime sector has helped to resort a certain level of confidence in 5-year adjustable rate mortgage rates, which are probably more accurately reflecting true market rates this week than at any other time during the course of this year.
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.
