Mortgage rates mostly fell in Atlanta this week. Meanwhile, renting in Atlanta is pricey, The Atlanta Journal-Constitution reports.
According to a report from the National Low Income Housing Coalition, in order to afford -- or, not spend more than 30% of one's income -- to rent a 2-bedroom apartment in Atlanta, one would have to earn $17.62 an hour. That is more than double the federal minimum wage.
The report notes that the state average for this housing wage is $15.71 per hour, which places Georgia 26th nationally and one of the most expensive in the South, the AJC reports. Nationally, the housing wage is $19.35 an hour.
This week's rates
The benchmark 30-year fixed-rate mortgage in Atlanta fell to 4.02% from 4.1%, according to Bankrate.com's weekly national survey of large lenders. The mortgages in this week's survey had an average total of 0.45 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.78%.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, remained at 3.56%. The benchmark 15-year fixed-rate mortgage decreased to 3.21% from 3.27%. The benchmark 5/1 adjustable-rate mortgage dropped to 3.37% from 3.47%.
Weekly mortgage survey
|Results from Bankrate's Feb. 10 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:||4.02%||3.21%||3.37%||3.56%|
|Change from last week:||-0.08||-0.06||-0.1||N/C|
|Change from last week:||-$7.60||-$4.80||-$9.10||N/C|