Hello neighbors,

According to RIS Media, mortgage rates are now on the rise. They reported that the weekly average rate borrowers were quoted for 30-year fixed mortgages rose to 4.93% indicating an increase of 16 basis points. The week prior, 30-year fixed mortgages were at 4.77% based on the Zillow Mortgage Rate monitor which is arranged by Zillow.com.

As for 15-year mortgage rates, those numbers increased to 4.37% which were up from the previous week's numbers of 4.24% indicating a rise of 13 basis points. In addition, 5-1 adjustable rate mortgages also increased by 13 basis points increasing to 3.98% which was up from 3.85% the previous week.

There was a decrease in mortgage request of 26% last week compared to the previous week. Out of those requests, refinance loans accounted for 35% while purchase loans accounted for 63%, and 2% accounted for home equity loans. During the previous week, request consisted of refinance loans being at 43%, purchase loans at 55%, and home equity loans at 2%.

As for the rates of 30-year fixed purchase mortgages, the increase was even greater at 5.06% on Zillow Mortgage Marketplace. These rates varied by state with Georgia increasing from 4.85% to 5.04% coming in as one of the state's with the most increase.

the zac team @ RE/MAX Greater Atlanta  |  www.zac.biz 
1057 Ponce de Leon Avenue, Atlanta, GA 30306

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