Mortgage rates in Philadelphia took a tumble this week. And an area of West Philadelphia may be the city's next hot spot.
This week's rates
The benchmark 30-year fixed-rate mortgage in Philadelphia fell to 4.07 percent from 4.22 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.18 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.01 percent.
University City is on the rise
There's plenty of development going on in the University City area of West Philadelphia. According to the Philadelphia Business Journal, more than $1 billion is being invested in residential and commercial projects in the area.
Once in a state of decline, University City is now thriving, with more restaurants, retailers, jobs and employment, notes the Business Journal.
Many believe the University City area could be Philly's next hot spot.
The benchmark 15-year fixed-rate mortgage fell to 3.26 percent from 3.4 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.12 percent from 3.29 percent, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, fell to 4.16 percent from 4.32 percent.
Shop mortgage rates in your area.
Weekly mortgage survey
|Results from Bankrate's Oct. 15 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 Philadelphia.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||4.07%||3.26%||3.12%||4.16%|
|Change from last week:||-0.15||-0.14||-0.17||-0.16|
|Change from last week:||-$14.26||-$11.20||-$15.17||-$38.66|