Mortgage rates rose in Atlanta this week. Meanwhile, the city is getting its first "micro" apartments, the Atlanta Business Chronicle reports.
Atlanta's 10th-largest apartment developer, Gables Residential, is adding 307 units in the 2nd phase of its Emory Point community, located across from the Centers for Disease Control and Prevention campus. At least 5 of these units will be less than 400 square feet. These tiny units will lease for between $1,110 and $1,150 a month.
The Chronicle said micro units offer a way for millennials just starting their careers to afford city life. Atlanta's rents are climbing and a 1,000-square-foot apartment can rent for more than $2,500 a month in some intown neighborhoods.
This week's rates
The benchmark 30-year fixed-rate mortgage in Atlanta inched up to 4.22% from 4.2%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.64 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.05%.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, climbed to 3.88% from 3.81%. The benchmark 15-year fixed-rate mortgage grew to 3.37% from 3.35%. The benchmark 5/1 adjustable-rate mortgage increased to 3.66% from 3.64%.
Weekly mortgage survey
|Results from Bankrate's Sept. 2 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:||4.22%||3.37%||3.66%||3.88%|
|Change from last week:||+0.02||+0.02||+0.02||+0.07|
|Change from last week:||+$1.93||+$1.61||+$1.86||+$16.74|