Mortgage rates were nearly stagnant this week in Atlanta. Meanwhile, homes are getting more affordable to own than to rent, reported the Atlanta Business Chronicle.
Zillow noted that Atlanta is one of only a few cities where owning a home is more affordable than renting, as the growth of housing costs continues to outpace wage growth in the city.
The benchmark 30-year fixed-rate mortgage in Atlanta remained at 4.22 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.26 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.23 percent.
Homebuyers could expect to pay 11.7 percent of their income for a mortgage at the end of the second quarter, considerably less than 19.9 percent in the pre-bubble days. However, renters in the city will render 23.8 percent of their income, compared to 17.6 percent before the recession, according to Zillow.
Average rent in the second quarter was $1,191, and the average home price was $148,100. Median income in the city was $59,888, the Journal reported.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, stayed at 4.25 percent. The benchmark 15-year fixed-rate mortgage held steady at 3.38 percent. The benchmark 5/1 adjustable-rate mortgage surged to 3.46 percent from 3.35 percent.
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Weekly mortgage survey
|Results from Bankrate's Aug. 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:||4.22%||3.38%||3.46%||4.25%|
|Change from last week:||N/C||N/C||+0.11||N/C|
|Change from last week:||N/C||N/C||+$10.14||N/C|