Mortgage rates were mixed in the Atlanta area this week.

Key 30-year rate ticks down in Atlanta

The average rate on the benchmark 30-year fixed-rate mortgage rate for the Atlanta area slid to 4.29 percent, according to Bankrate’s national survey of large lenders. While the local rate was down 2 basis points from last week, it exceeded the national average rate of 4.04 percent. A basis point is one-hundredth of 1 percentage point.

The average mortgage in our survey this week had 0.48 discount and origination points.

The drop in the 30-year fixed is cause for celebration among those who waited to lock on a rate, as that turned out to be a smart bet.

Monthly payments on a hypothetical $165,000 mortgage slid to $815.57, dipping $1.94 from last week, corresponding with the decline in mortgage rates.

Other Atlanta mortgage types mixed

The average rate for 30-year jumbo mortgages fell this week, down 18 basis points to 4.13 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Atlanta area, that limit is $424,100.

The average rate for 15-year fixed-rate mortgages stayed put, remaining at 3.45 percent. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, remaining steady at $1,175.51.

The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates standing pat doesn’t mean much either way for refinancers thinking about locking soon.

The popular 5/1 adjustable-rate mortgage rate stood at 4.00 percent. 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 variety of variable-rate mortgage.

Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate’s survey of mortgage lenders conducted October 18, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $424,100 in the Atlanta area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week’s rate: 4.29% 3.45% 4.00% 4.13%
Change from last week: -0.02 N/C N/C -0.18
Monthly payment: $815.57 $1,175.51 $787.74 $2,056.63
Change from last week: -$1.94 N/C N/C -$44.12

Methodology: The “ National Average,” or “national survey of large lenders,” is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We’ve conducted this survey in the same manner for more than 30 years, and because it’s consistently done the way it is, it gives an accurate national apples-to-apples comparison.

To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s Rate Averages.”