Mortgage rates mostly rose this week in Atlanta. Meanwhile, a dormitory for young, upcoming entrepreneurs is scheduled to be built in Midtown, according to the Saporta Report.
Atlanta's development arm, Invest Atlanta, will fund up to $70 million for the 230-unit building dubbed Tech Square Tower (the Entrepreneur Dorm). Only three other dorms with the same concept exist. They are located at Stanford, Columbia and New York universities.
The benchmark 30-year fixed-rate mortgage in Atlanta climbed to 4.29 percent from 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 0.1 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.28 percent.
According to Invest Atlanta, the dorm will provide turn-key housing for students working on innovative ideas and for entrepreneurs with offices at Tech Square. An on-site mentor will be available, and residents will be encouraged to brainstorm and mingle.
The fully furnished one- to four-bedroom units will range in price from $1,035 to $2,565, including all utilities. Twenty-three units will be set aside at affordable prices -- $105 a month less -- in each unit size, except for the four-bedroom.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, increased to 4.31 percent from 4.25 percent. The benchmark 15-year fixed-rate mortgage rose to 3.38 percent from 3.34 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.5 percent from 3.56 percent.
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Weekly mortgage survey
|Results from Bankrate's July 30 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:||4.29%||3.38%||3.50%||4.31%|
|Change from last week:||+0.07||+0.04||-0.06||+0.06|
|Change from last week:||+$6.79||+$3.23||-$5.52||+$14.73|