Several key mortgage rates ticked downwards in the Atlanta area this week.
Key 30-year rate declines 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 declined to 3.92%. While the local rate exceeded the national average rate of 3.62%, it was down 2 basis points from last week. A basis point is one-hundredth of 1 percentage point.
The mortgages in this week's survey averaged 0.39 discount and origination points.
"The drop in the 30-year fixed will benefit those who waited to lock on a rate, as their decision paid off," says Holden Lewis, Bankrate's senior mortgage analyst.
Monthly payments on a hypothetical $165,000 mortgage slid to $780.14, decreasing $1.89 from last week, corresponding with the drop in mortgage rates.
Other Atlanta mortgage types mixed
Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency -- for the Atlanta area, that limit is $417,000.
The average rate for 15-year fixed-rate mortgages fell to 3.06%, falling 2 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates ticking downwards, ticking down $1.59 to $1,144.23.
"The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this fall in the 15-year fixed, a refinance will be more profitable to some homeowners," Lewis says.
The benchmark 5/1 adjustable-rate mortgage rate climbed 1 basis point this week up to 3.30%. The most common variety of variable-rate mortgage, 5/1 ARMs allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.
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Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted 9/21/2016. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $417,000 in the Atlanta area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||3.92%||3.06%||3.30%||3.63%|
|Change from last week:||-0.02%||-0.02%||+0.01%||-0.06%|
|Change from last week:||-$1.89||-$1.59||+$0.91||-$14.06|