Mortgage rates mostly grew this week in Atlanta. Meanwhile, the Intown Atlanta's multifamily housing boom is going strong with a new 22-story residential tower planned to overlook Piedmont Park, the Atlanta Business Chronicle reported.
The $80 million project, Alta at the Park, was presented to the Midtown Development Review Committee, a group that makes recommendations to the Atlanta Bureau of Planning, according to the Chronicle.
The benchmark 30-year fixed-rate mortgage in Atlanta inched down to 4.07 percent from 4.08 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.11 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.03 percent.
The Intown residential market continues to grow, with rental rates for 460-square-foot studios asking as much as $1,150. According to Haddow & Co., which tracks the metro area's markets, occupancy during the third quarter in Atlanta was 97.8 percent. The average monthly rent had a year-over-year increase of almost 11 percent, with an average monthly rent of $1.63 per square foot.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, decreased to 4.13 percent from 4.19 percent. The benchmark 15-year fixed-rate mortgage rose to 3.38 percent from 3.35 percent. The benchmark 5/1 adjustable-rate mortgage remained at 3.38 percent.
Weekly mortgage survey
|Results from Bankrate's Dec. 10 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:||4.07%||3.38%||3.38%||4.13%|
|Change from last week:||-0.01||+0.03||N/C||-0.06|
|Change from last week:||-$0.96||+$2.42||N/C||-$14.51|