Several closely watched mortgage rates trended upward in the Atlanta area this week.
Benchmark 30-year rate ticks up in Atlanta
The average rate on the benchmark 30-year fixed-rate mortgage rate for the Atlanta area increased to 3.96%, according to Bankrate's national survey of large lenders. Not only did the local rate ascend 1 basis point from last week, but it exceeded the national average rate of 3.64%. A basis point is one-hundredth of 1 percentage point.
In the survey for the current week, the mortgages had an average of 0.35 discount and origination points.
"With the 30-year fixed rising, it means that homebuyers and refinancers will find it pricier to borrow," says Holden Lewis, Bankrate's senior mortgage analyst.
The increase in the mortgage rate raised 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $783.94, an uptick of $0.95 from last week.
No clear direction for other Atlanta mortgage types
Breaking ranks with the 30-year conventional mortgage, the average rate for 30-year jumbo mortgages didn't do much of anything this week, remaining at 3.69%. 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 increased 4 basis points, up to 3.08%. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage moved upward with rates, climbing $3.19 to $1,145.82.
"Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less lucrative than it would have been before the rate rise," says Lewis.
The benchmark 5/1 adjustable-rate mortgage rate slid 2 basis points this week, dipping to 3.54%. 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 10/26/2016. 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:||3.96%||3.08%||3.54%||3.69%|
|Change from last week:||+0.01||+0.04||-0.02||N/C|
|Change from last week:||+$0.95||+$3.19||-$1.85||N/C|