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.
Atlanta mortgage rates experienced yet another roller coaster week. This time, however, American homeowners end the week with more of a good feel factor – for the first time in two months Atlanta mortgage rates fell. Although the cross the board fall in Atlanta mortgage rates in the past week may not look much when stacked against the significant jumps over the past seven weeks, according to Bankrate.com’s national survey of large lenders both 30-year and 15-year fixed rate mortgage rates fell eight basis points week-on-week and 5-year adjustable rate mortgage rates faired even better, falling nine basis points. In any given week, these are fairly impressive figures and should be read as such, regardless of the recent increases. Accordingly, Bankrate.com’s national survey of large lenders has 30-year fixed rate mortgage rates at 6.76 per cent, 15-year fixed rate mortgage rates at 6.45 per cent and 5-year adjustable rate mortgage rates at 6.58 per cent, respectively, this weekend. A one basis point reduction is equal to a fall of one hundredth of one percentage point.
Overall, Atlanta mortgage rates have seen a half per cent rise in the last month alone. Four weeks ago we were talking about 15-year fixed rate mortgage rates in the six per cent zone. Today this rate is 6.57 per cent. Some may be wondering what is the root cause behind what is nothing less than a ride on the interest rate skyrocket. However, American homeowners should keep in mind that rises of this nature, while not overly common, are not unprecedented. Indeed, they’re not even unprecedented within this century. Only as recently as August 2003 the 30-year fixed rate mortgage rate went through a period of four weeks when it rose an amazing eighty two basis points. However, if you’re looking for that magic silver lining, it’s also worth noting that in nearly all cases where there has been some form of dramatic rise in Atlanta mortgage rates, there has been an equal period when the pendulum of Atlanta mortgage rates has swung the other way, with a rapid reduction in Atlanta mortgage rates as they re-align themselves. One is ever hopeful that this is exactly what will happen in the coming few days and weeks.
The more important question, however, is what effect is this having on home mortgage applications? Surely a rapid increase in Atlanta mortgage rates would effect a reduction in home mortgage applications. Or so you would think. However, according to figures of the Mortgage Broker’s Association, home mortgage applications actually rose six per cent in the last week – and that’s despite the double-digit basis point rises in Atlanta mortgage rates. Without doubt some of these will be homeowners with 5-year adjustable rate mortgage rates, looking to fix their Atlanta mortgage rates before the bloodbath gets any worse, but there will also be a certain percentage of new homeowner mortgage applications in there, which goes to show that while interest rates may be rising, the fundamentals of the housing market are still sound. All we have to wait for now it that much anticipate re-alignment of Atlanta home mortgage rates.
Seven weeks and counting – that’s how long this wave of increasing Atlanta mortgage rates has now been going on for. American homeowners had to sit back and experience another week of near record increases in Atlanta mortgage rates across the board. According to Bankrate.com’s national survey of large lenders, the 30-year fixed rate mortgage rate saw a twenty three basis point jump week-on-week to end the week at 6.84 per cent, its highest level this year so far. 15-year fixed rate mortgage rates didn’t avoid the fallout, rising twenty basis points from last week to end the week at 6.53 per cent. 5-year adjustable rate mortgage rates faired the best over the course of the last week, rising a mere fifteen basis point and ending the week 6.67 per cent. A one basis point rise equates to a rise of one hundredth of one percentage point.
