Mortgage rates mostly fell this week in Atlanta. Meanwhile, home prices and demand continued to rise while inventory shrunk in June, according to the Atlanta Journal-Constitution.
The June report by the Atlanta Board of Realtors noted the median sales price for a single-family home rose by 10.6 percent to $230,000.
The benchmark 30-year fixed-rate mortgage in Atlanta sunk to 4.22 percent from 4.33 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.31 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.26 percent.
The Journal reported that Atlanta's real estate market is experiencing higher demand and a limited supply of homes for sale. The report noted a decrease of 4 percent from May in the number of homes for sale. This provides about 4.4 months of inventory -- several months short of a normal supply.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, fell to 4.25 percent from 4.31 percent. The benchmark 15-year fixed-rate mortgage dipped to 3.34 percent from 3.38 percent. The benchmark 5/1 adjustable-rate mortgage jumped to 3.56 percent from 3.46 percent.
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Weekly mortgage survey
|Results from Bankrate's July 23 survey of mortgage lenders. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $417,000 in Atlanta.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||4.22%||3.34%||3.56%||4.25%|
|Change from last week:||-0.11||-0.04||+0.10||-0.06|
|Change from last week:||-$10.57||-$3.22||+$9.28||-$14.62|