Mortgage rates mostly dropped in Atlanta this week. Meanwhile, the metro Atlanta apartment market in 2014 had its strongest year since the Great Recession, the Atlanta Business Chronicle reported.
According to Axiometrics, the apartment market in Atlanta grew 7.4 percent, marking the strongest year since 1996. The average rental rate in December 2014 was $958, compared with $886 in the same month of 2013. The occupancy rate was 93.8 percent in December 2014, up from 93.3 percent a year prior.
Axiometrics collects apartment data monthly and expects the Atlanta apartment market to continue its strong growth in 2015. However, with 6,522 new apartments becoming available this year, supply and demand may be affected in one of the hottest apartment markets in the country.
The benchmark 30-year fixed-rate mortgage in Atlanta fell to 3.96 percent from 4.03 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.18 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.9 percent.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, sunk to 4 percent from 4.19 percent. The benchmark 15-year fixed-rate mortgage inched up to 3.25 percent from 3.24 percent. The benchmark 5/1 adjustable-rate mortgage declined to 3.33 percent from 3.42 percent.
Weekly mortgage survey
|Results from Bankrate's Feb. 25 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:||3.96%||3.25%||3.33%||4.0%|
|Change from last week:||-0.07||+0.01||-0.09||-0.19|
|Change from last week:||-$6.63||+$0.80||-$8.17||-$45.41|