Mortgage rates rose in Atlanta this week. Meanwhile, the city ranked 8th in the nation for locales where owning a home is more affordable than renting, the Atlanta Business Chronicle reports.
Online residential real estate site Zillow determined which areas in the country were "sweet spots" for home ownership, where buying is a better financial decision than renting and which cities this is financially feasible. First, they analyzed the largest U.S. metro areas to determine where owning is more affordable than renting. Then they looked at which markets were noting a strong growth in income and employment.
Nationally, the "breakeven horizon" for homebuyers is a year and 8 months, employment growth is 2% and income growth is 2.3%. Atlanta landed on the list in the 8th spot with a "breakeven horizon" of a year and 4 months, 3.1% employment growth and 0.5%income growth, the Chronicle notes.
This week's rates
The benchmark 30-year fixed-rate mortgage in Atlanta grew to 3.95% from 3.92%, according to Bankrate.com's weekly national survey of large lenders. The mortgages in this week's survey had an average total of 0.57 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.73%.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, increased to 3.63% from 3.56%. The benchmark 15-year fixed-rate mortgage advanced to 3.10% from 3.06%. The benchmark 5/1 adjustable-rate mortgage inched up to 3.30% from 3.28%.
Weekly mortgage survey
|Results from Bankrate's June 22 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:||3.95%||3.10%||3.30%||3.63%|
|Change from last week:||+0.03||+0.04||+0.02||+0.07|
|Change from last week:||+$2.85||+$3.19||+$1.82||+$16.47|