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Mortgage rates in Atlanta, Georgia

By Claes Bell · Bankrate.com
Thursday, October 20, 2016
Posted: 11 am ET

A number of closely watched mortgage rates were down in the Atlanta area this week.

Benchmark 30-year rate shows decline in Atlanta

According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Atlanta area diminished to 3.95%. While the local rate was still above the national average rate of 3.64%, it was down 1 basis point from last week. A basis point is one-hundredth of 1 percentage point.

In this week's survey, the mortgages had an average of 0.40 discount and origination points.

"The drop in the 30-year fixed will benefit those who waited to lock on a rate, as that turned out to be a smart bet," says Holden Lewis, Bankrate's senior mortgage analyst.

Monthly payments on a hypothetical $165,000 mortgage fell to $782.99, dropping $0.95 from last week, corresponding with the slip in mortgage rates.

No clear direction for other Atlanta mortgage types

On the other hand, the average rate for 30-year jumbo mortgages didn't register a change this week, remaining at 3.69%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Atlanta area, that limit is $417,000.

The average rate for 15-year fixed-rate mortgages dropped to 3.04%, dipping 2 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates on the decline, falling $1.59 to $1,142.64.

"The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this downward trend in the 15-year fixed, a refinance will be more advantageous to some homeowners," says Lewis.

The benchmark 5/1 adjustable-rate mortgage rate rose 2 points this week, rising to 3.56%. 5/1 adjustable-rate mortgages allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most popular type of variable-rate mortgage.

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Weekly mortgage survey

Results from Bankrate's survey of mortgage lenders conducted 10/19/2016. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $417,000 in the Atlanta area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week's rate: 3.95% 3.04% 3.56% 3.69%
Change from last week: -0.01 -0.02 +0.02 N/C
Monthly payment: $782.99 $1,142.64 $746.46 $1,917.02
Change from last week: -$0.95 -$1.59 +$1.85 N/C
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Arnulfo Vittorio
August 28, 2016 at 3:53 pm

Looking for current mortgage rates in Atlanta, GA? Here’s how to use our mortgage rate tool to find competitive interest rates.

July 22, 2016 at 5:33 am

Do you need a loan if yes contact

April 29, 2016 at 12:10 pm

Is there a way to track the Atlanta area interest rate for the last 90 days? Trying to decide if I should lock in a rate.
Do you also have a source for 20 year fixed?

Derek Miller
April 05, 2016 at 10:13 am

I have been renting to long need to buy this home thank you

December 19, 2014 at 5:04 am

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July 08, 2013 at 2:03 am

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