Mortgage rates sunk this week in Atlanta. Meanwhile, home prices in the city continued to climb and tied for the fourth-largest rise in the nation over the past year, the Atlanta Journal-Constitution reported.
California-based real estate data company CoreLogic found Metro Atlanta home prices were up 9 percent in August compared to the same time last year, despite a 0.1 percent decline in August 2014. Nationally, home prices were up 6.4 percent year over year.
The benchmark 30-year fixed-rate mortgage in Atlanta fell to 4.17 percent from 4.29 percent, according to the Bankrate.com 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 4.16 percent.
Houston posted the highest increase at 11.4 percent, followed by California's Riverside-San Bernadino and Los Angeles. Fourth in line were Dallas and Atlanta in a tie with 9 percent increases.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, slumped to 4.28 percent from 4.41 percent. The benchmark 15-year fixed-rate mortgage tumbled to 3.36 percent from 3.5 percent. The benchmark 5/1 adjustable-rate mortgage dropped to 3.23 percent from 3.35 percent.
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Weekly mortgage survey
|Results from Bankrate's Oct. 8 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:||4.17%||3.36%||3.23%||4.28%|
|Change from last week:||-0.12||-0.14||-0.12||-0.13|
|Change from last week:||-$11.49||-$11.25||-$10.81||-$31.67|