Mortgage rates rose in Atlanta this week. Meanwhile, rental rates in the city are falling, the Atlanta Business Chronicle reports.
According to ABODO's National Apartment Report for May, average rent for a 1-bedroom apartment in Atlanta fell 3%, from $1,305 to $1,266. That is the 9th largest drop in rental rates in the country. Rents fell from March to April by 2%, from $1,331 to $1,305, the Chronicle notes.
This week's rates
The benchmark 30-year fixed-rate mortgage in Atlanta increased to 4.08% from 4.03%, according to Bankrate.com's weekly national survey of large lenders. The mortgages in this week's survey had an average total of 0.45 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.82%.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, surged to 3.88% from 3.75%. The benchmark 15-year fixed-rate mortgage jumped to 3.20% from 3.10%. The benchmark 5/1 adjustable-rate mortgage climbed to 3.54% from 3.46%.
Weekly mortgage survey
|Results from Bankrate's May 25 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:||4.08%||3.20%||3.54%||3.88%|
|Change from last week:||+0.05||+0.10||+0.08||+0.13|
|Change from last week:||+$4.79||+$8.02||+$7.41||+$31.15|