Mortgage rates grew this week in Atlanta, and the metro area is becoming a top distribution and warehouse hub, according to the Atlanta Business Chronicle.
Three large companies have recently announced new projects in the Atlanta vicinity. Procter & Gamble, which currently occupies a building in Fairburn, Ga., is relocating and expanding its operations to a 1 million-square-foot building in Union City. In September, McMaster-Carr Supply Co. announced it would develop a $75 million regional headquarters and e-commerce center just west of the city. And The TJX Companies Inc. is building an 800,000-square-foot distribution center northeast of Atlanta.
The benchmark 30-year fixed-rate mortgage in Atlanta jumped to 4.51 percent from 4.39 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.81 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.55 percent.
A report issued by Colliers International noted that improvements in manufacturing, a turnaround in the housing industry and the growth of e-commerce are fueling these new projects. All of this activity is pushing the city into one of the South's largest distribution and warehouse hubs.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and up, surged to 4.58 percent from 4.33 percent. The benchmark 15-year fixed-rate mortgage escalated to 3.59 percent from 3.38 percent. The benchmark 5/1 adjustable-rate mortgage increased to 3.11 percent from 3.08 percent.
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Weekly mortgage survey
|Results from Bankrate's Dec. 4 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:||4.51%||3.59%||3.11%||4.58%|
|Change from last week:||+0.12||+0.21||+0.03||+0.25|
|Change from last week:||+$11.81||+$17.15||$2.69||+$62.68|