Mortgage rates varied in Atlanta this week. Meanwhile, home sales were up in July, the Atlanta Business Chronicle reports.
According to Re/Max of Georgia Inc., an Alpharetta, Georgia-based real estate company, home sales were up 19% in July from the same time last year. The median price for homes sold was $225,000, a 6% increase from the median price for July 2014.
The Market Trend Report for July says that the average time on the market for all homes sold in July was 52 days, which is the same as in July 2014. The monthly supply of inventory was down 15% from last July, at 3 1/2 months.
This week's rates
The benchmark 30-year fixed-rate mortgage in Atlanta rose to 4.2% from 4.17%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.71 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.03%.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, dropped to 3.81% from 3.88%. The benchmark 15-year fixed-rate mortgage fell to 3.35% from 3.41%. The benchmark 5/1 adjustable-rate mortgage surged to 3.64% from 3.5%.
Weekly mortgage survey
|Results from Bankrate's Aug. 26 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:||4.2%||3.35%||3.64%||3.81%|
|Change from last week:||+0.03||-0.06||+0.14||-0.07|
|Change from last week:||+$2.89||-$4.83||+$13.07||-$16.59|