Mortgage rates barely changed this week in Atlanta. Meanwhile, the metro area is experiencing a large population growth, reported the Atlanta Business Chronicle.
The Atlanta Regional Commission stated that the 10-county Atlanta region added 52,700 new residents between April 2013 and April 2014. This marks the highest single year growth since the recession and places the population at 4.3 million.
The benchmark 30-year fixed-rate mortgage in Atlanta remained at 4.22 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.49 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.24 percent.
Metro Atlanta was the seventh-fastest growing metro region nationally, according to the Census Bureau. Furthermore, Atlanta has more residents than 24 states, the Journal noted.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, held steady at 4.25 percent. The benchmark 15-year fixed-rate mortgage stayed at 3.38 percent. The benchmark 5/1 adjustable-rate mortgage inched up to 3.35 percent from 3.33 percent.
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Weekly mortgage survey
|Results from Bankrate's Aug. 20 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:||4.22%||3.38%||3.35%||4.25%|
|Change from last week:||N/C||N/C||+0.02||N/C|
|Change from last week:||N/C||N/C||+$1.82||N/C|