Several benchmark mortgage rates ticked up in the Atlanta area this week.
Benchmark 30-year rate ticks up in Atlanta
According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Atlanta area climbed to 4.43 percent. Not only did the local rate rise 5 basis points from last week, but it was more than the national average rate of 4.35 percent. A basis point is one-hundredth of 1 percentage point.
For mortgages in this week's survey, there were an average of 0.57 discount and origination points.
"With the 30-year fixed rising, it means that homebuyers and refinancers will find it pricier to borrow," says Holden Lewis, Bankrate's senior mortgage analyst.
The growth in the mortgage rate lifted 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $829.18, an uptick of $4.89 from last week.
No clear direction for other Atlanta mortgage types
The rate for 30-year jumbo mortgages also rose this week, up a substantial 19 points to 4.44 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 rose to 3.58 percent, climbing 6 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates higher, scaling up $4.88 to $1,186.05.
"Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less lucrative than it would have been before the rate rise," Lewis says.
The benchmark 5/1 adjustable-rate mortgage rate dropped to 3.88 percent this week, a drop of 8 basis points. The most common variety of variable-rate mortgage, 5/1 ARMs allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.
RATE SEARCH: Compare mortgage rates in your area now.
Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted 2/15/2017. 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:||4.43%||3.58%||3.88%||4.44%|
|Change from last week:||+0.05||+0.06||-0.08||+0.19|
|Change from last week:||+$4.89||+$4.88||-$7.53||+$47.98|
Methodology: The "Bankrate.com 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 Bankrate.com 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."