A number of benchmark mortgage rates tapered off in the Atlanta area this week.
Key 30-year rate slides in Atlanta
According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Atlanta area declined to 4.27 percent. While the local rate was more than the national average rate of 4.11 percent, it was down 6 basis points from last week. A basis point is one-hundredth of 1 percentage point.
For mortgages in this week's survey, there were an average of 0.51 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.
Monthly payments on a hypothetical $165,000 mortgage slid to $813.63, decreasing $5.79 from last week, corresponding with the dip in mortgage rates.
Other Atlanta mortgage types slide
The average rate for 30-year jumbo mortgages fell this week, down 6 basis points to 4.19 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Atlanta area, that limit is $424,100.
The average rate for 15-year fixed-rate mortgages slipped to 3.40 percent, slipping 2 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates ticking downwards, ticking down $1.61 to $1,171.47.
The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this fall in the 15-year fixed, a refinance will be more attractive to some homeowners.
The benchmark 5/1 adjustable-rate mortgage rate diminished 2 points this week, slipping to 3.96 percent. 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 common variety of variable-rate mortgage.
Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted July 19, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $424,100 in the Atlanta area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||4.27%||3.40%||3.96%||4.19%|
|Change from last week:||-0.06||-0.02||-0.02||-0.06|
|Change from last week:||-$5.79||-$1.61||-$1.90||-$14.82|
Methodology: The "Bankrate.com National Average," or "national survey of large lenders," is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We've conducted this survey in the same manner for more than 30 years, and because it's consistently done the way it is, it gives an accurate national apples-to-apples comparison.
To learn more about the different rate averages Bankrate publishes, see "Understanding Bankrate's Rate Averages."