Mortgage rates dipped this week in Atlanta. Meanwhile, rents and occupancy rates continue to rise in the city, the Atlanta Business Chronicle reported.
The third quarter occupancy rate in Atlanta showed a year-over-year increase of almost 11 percent, with an average monthly rent of $1.63 per square foot, the Chronicle noted.
The benchmark 30-year fixed-rate mortgage in Atlanta decreased to 4.18 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 0.17 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.13 percent.
The Chronicle reported that apartment demand is up as the city's home ownership rate has dropped. According to the U.S. Census Bureau, metro Atlanta home ownership was at 60 percent in the second quarter of this year, a significant decrease from 2010, when the rate was 67.2 percent.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, fell to 4.13 percent from 4.19 percent. The benchmark 15-year fixed-rate mortgage inched down to 3.33 percent from 3.34 percent. The benchmark 5/1 adjustable-rate mortgage remained at 3.33 percent.
Weekly mortgage survey
|Results from Bankrate's Nov. 12 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:||4.18%||3.33%||3.33%||4.13%|
|Change from last week:||-0.04||-0.01||N/C||-0.06|
|Change from last week:||-$3.84||-$0.80||N/C||-$14.51|