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Mortgage rates in Atlanta, Georgia

By Claes Bell · Bankrate.com
Wednesday, August 24, 2016
Posted: 6 pm ET

Mortgage rates receded in the Atlanta area this week.

Key 30-year rate declines in Atlanta

The average rate on the benchmark 30-year fixed-rate mortgage rate for the Atlanta area ticked downwards to 3.85%, according to Bankrate's national survey of large lenders. While the local rate was down 1 basis point from last week, it eclipsed the national average rate of 3.57%. A basis point is one-hundredth of 1 percentage point.

The average mortgage in our survey this week had 0.55 discount and origination points.

"The drop in the 30-year fixed is cause for celebration among those who waited to lock on a rate, as their decision paid off," says Holden Lewis, Bankrate's senior mortgage analyst.

Monthly payments on a hypothetical $165,000 mortgage fell to $773.53, dropping $0.94 from last week, corresponding with the dip in mortgage rates.

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 register a change this week, remaining at 3.56%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency. Those limits start at $417,000 and can range up to $625,500, depending on the location.

The average rate for 15-year fixed-rate mortgages ticked upward 2 basis points, climbing to 3.04%. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates higher, scaling up $1.59 to $1,142.64.

"Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less advantageous than it would have been before the rate rise," says Lewis.

The benchmark 5/1 adjustable-rate mortgage rate went down to 3.23% this week, a drop of 4 basis points. 5/1 adjustable-rate mortgages allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most popular type of variable-rate mortgage.

RATE SEARCH: Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate's Aug. 24 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: 3.85% 3.04% 3.23% 3.56%
Change from last week: -0.01 +0.02 -0.04 N/C
Monthly payment: $773.53 $1,142.64 $716.28 $1,886.51
Change from last week: -$0.94 +$1.59 -$3.61 N/C
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23 Comments
Arnulfo Vittorio
August 28, 2016 at 3:53 pm

Looking for current mortgage rates in Atlanta, GA? Here’s how to use our mortgage rate tool to find competitive interest rates.

johnjeremy
July 22, 2016 at 5:33 am

Do you need a loan if yes contact

Eduardo
April 29, 2016 at 12:10 pm

Is there a way to track the Atlanta area interest rate for the last 90 days? Trying to decide if I should lock in a rate.
Do you also have a source for 20 year fixed?

Derek Miller
April 05, 2016 at 10:13 am

I have been renting to long need to buy this home thank you

homepage
December 19, 2014 at 5:04 am

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Shawanna
July 08, 2013 at 2:03 am

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