Several important mortgage rates climbed higher in the Atlanta area this week.

Benchmark 30-year rate higher in Atlanta

The average rate on the benchmark 30-year fixed-rate mortgage rate for the Atlanta area rose to 4.31 percent, according to Bankrate’s national survey of large lenders. Not only did the local rate top the national average rate of 4.09 percent, it was up 3 basis points from last week. A basis point is one-hundredth of 1 percentage point.

Mortgages in this week’s survey had an average of 0.56 discount and origination points.

With the 30-year fixed rising, it means that homebuyers and refinancers will find their borrowing costs have grown.

The rise in the mortgage rate lifted 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $817.51, a difference of $2.91 from last week.

Other Atlanta mortgage types see increases

The rate for 30-year jumbo mortgages also ticked up this week, ticking up 6 points to 4.31 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 increased to 3.51 percent, climbing 6 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage ticked up along with rates, rising $4.87 to $1,180.37.

Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less beneficial than it would have been before the rate rise.

The popular 5/1 adjustable-rate mortgage rate increased 2 points this week, climbing to 4.10 percent. 5/1 adjustable-rate mortgages allow homeowners 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 November 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: 4.31% 3.51% 4.10% 4.31%
Change from last week: +0.03 +0.06 +0.02 +0.06
Monthly payment: $817.51 $1,180.37 $797.28 $2,101.24
Change from last week: +$2.91 +$4.87 +$1.92 +$14.98

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.”