Mortgage rates were mixed in Atlanta this week. Meanwhile, the city's apartment market is one of the strongest in the country, the Atlanta Business Chronicle reported.
According to Axiometrics Inc., a Dallas-based data company, rental growth in 2014 in the Atlanta-Sandy Springs-Marietta metropolitan statistical area was the strongest the area has seen since 1996, at 7.5 percent.
The company reported that the supply of new Class A apartments in the city, which are properties with an average effective rent in the top 20 percent of the market, was up 8.9 percent in January. This new supply, coupled with an overall occupancy rate of 93.8 percent in January, is fueling the robust apartment market.
The benchmark 30-year fixed-rate mortgage in Atlanta dropped to 3.83 percent from 3.87 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.27 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.79 percent.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, rose to 3.88 percent from 3.81 percent. The benchmark 15-year fixed-rate mortgage dipped to 3.04 percent from 3.07 percent. The benchmark 5/1 adjustable-rate mortgage remained at 3.08 percent.
Weekly mortgage survey
|Results from Bankrate's April 15 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:||3.83%||3.04%||3.08%||3.88%|
|Change from last week:||-0.04||-0.03||N/C||+0.07|
|Change from last week:||-$3.76||-$2.38||N/C||+$16.74|