Powered by The Atlanta Journal-Constitution

Web Search by YAHOO!
 
The Biz Beat

Posted: 10:31 a.m. Thursday, Sept. 12, 2013

Rates higher on 15-year, jumbo mortgages 

By Christopher Seward

The average rate on a 30-year mortgage remained unchanged this week in metro Atlanta, while rates for shorter-term loans and loans for high-priced homes rose noticeably, according to the latest figures from Bankrate.com

The average for a 15-year fixed-rate mortgage rose to 3.66 percent from 3.55 percent last week, Bankrate reported. The benchmark hybrid 5/1 adjustable-rate mortgage rose to 3.52 percent from 3.46 percent. The hybrid mortgage carries a fixed rate for a specific period, in this case five years, and an adjustable rate for the remainder of the loan.

The average rate for a jumbo mortgage for homebuyers in the market for high-priced homes also rose this week, to 4.8 percent from 4.77 percent.

The average rate for a 30-year mortgage, meanwhile, remained at 5.8 percent, Bankrate said.

Discount and origination points, which are prepaid expenses on the mortgage, also rose this week to an average total of 0.65, from 0.6 last week.

Not only are metro homebuyers being hit with higher mortgage rates, home prices and closing costs are also on the rise in a market where there is a shortage of homes on the market. The squeeze is also putting pressure on apartment rents.

All eyes will be on Federal Reserve policymakers when they meet next Tuesday and Wednesday. Decisions they make on whether further economic stimulation is needed may have an impact on the direction of rates for long term loans.

My YahooRSS

About Christopher Seward

Christopher Seward is a South Carolina native and Atlanta journalist who has worked at the AJC since 1989.

Connect with Christopher Seward on:Twitter

Send Christopher Seward an email.

 

Today on MyAJC.com

Botanical Garden’s ‘scarecrows’ are stuffed with silliness

Botanical Garden’s ‘scarecrows’ are stuffed with silliness

Native Americans are said to have created the first scarecrows on these shores to protect their corn crops from the scavenging black birds.

Paul Howard

DA’s spending of federal forfeiture money in question

Finances of the Fulton County District Attorney’s Office were in such chaos in recent years that even its most basic bills went unpaid.

Comments  (9)  

myajc logo 300x225

New 24-hour Digital Pass: Sample all of MyAJC.com for 99 cents

With a 24-hour digital pass, you can enjoy full versions of premium articles, news updates and access to the AJC online archives.