Mortgage rates varied in Atlanta this week. Meanwhile, the city boasts the highest number of housing "smart buys," the Home Buying Institute reports.
According to a research team at Realtor.com, Atlanta has the highest number of homes that fall below the maximum affordable price for the area, deemed smart buys, for any city in the nation as of May.
A variety of factors were used to determine the ranking of smart buys including house prices, median incomes, rental data and the number of homes that were on the market below the maximum affordable price. Based on these factors, Atlanta placed No. 1 for the best housing market for home buyers.
The benchmark 30-year fixed-rate mortgage in Atlanta remained at 4.07 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.19 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4 percent.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, plummeted to 3.94 percent from 4.13 percent. The benchmark 15-year fixed-rate mortgage inched up to 3.26 percent from 3.25 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.25 percent from 3.23 percent.
Weekly mortgage survey
|Results from Bankrate's May 27 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:||4.07%||3.26%||3.25%||3.94%|
|Change from last week:||N/C||+0.01||+0.02||-0.19|
|Change from last week:||N/C||+$0.80||+$1.81||-$45.23|