Mortgage rates fell in Atlanta this week. Meanwhile, home prices in the metro area rose higher than the national average, the Atlanta-Journal Constitution reports.
According to the S&P/Case-Shiller House Price Index, home prices in the nation's 20 largest metro areas had an average gain of 5.4% nationally. Metro Atlanta's home prices were up an average of 6.5% during the past year, the 7th strongest increase among large metros, the AJC notes.
This week's rates
The benchmark 30-year fixed-rate mortgage in Atlanta decreased to 3.89% from 3.95%, 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 3.61%.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, dropped to 3.56% from 3.63%. The benchmark 15-year fixed-rate mortgage sunk to 3.02% from 3.10%. The benchmark 5/1 adjustable-rate mortgage dipped to 3.26% from 3.30%.
Weekly mortgage survey
|Results from Bankrate's June 29 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:||3.89%||3.02%||3.26%||3.56%|
|Change from last week:||-0.06||-0.08||-0.04||-0.07|
|Change from last week:||-$5.66||-$6.34||-$3.62||-$16.32|