Mortgage rates mostly rose this week in Atlanta. Meanwhile, the second-largest bank in metro Atlanta, Wells Fargo, is cutting jobs as a result of the national mortgage slowdown, according to the Atlanta Business Chronicle.
Seven-hundred jobs will be cut nationwide, including seven mortgage jobs in Atlanta, leaving about 5,000 employees in the area. There are 203 branches of Wells Fargo in the city.
The benchmark 30-year fixed-rate mortgage in Atlanta increased to 4.46 percent from 4.42 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.23 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.45 percent.
A spokesman for the company told the San Francisco Business Times the staff is being reduced due to fewer mortgage applications and rising rates. Other lenders, including JPMorgan Chase and Bank of America, have also cut staff recently. Affected workers will be given assistance by Wells Fargo to find new employment.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and up, grew to 4.44 percent from 4.38 percent. The benchmark 15-year fixed-rate mortgage climbed to 3.43 percent from 3.38 percent. The benchmark 5/1 adjustable-rate mortgage inched down to 3.28 percent from 3.29 percent.
Weekly mortgage survey
|Results from Bankrate's March 5 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:||4.46%||3.43%||3.28%||4.44%|
|Change from last week:||+0.04||+0.05||-0.01||+0.06|
|Change from last week:||+$3.92||+$4.04||-$0.91||+$14.84|