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Mortgage rates in Philadelphia, Pennsylvania

By Mitch Strohm · Bankrate.com
Thursday, August 27, 2015
Posted: 7 am ET

Mortgage rates in Philadelphia fell this week. Meanwhile, a new report says that Philadelphia had the best spring market since mid-2007.

This week's rates

The benchmark 30-year fixed-rate mortgage in Philadelphia fell to 4.13% from 4.15%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.19 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.03%.

Booming real estate in Philly

Rising home prices and home sales made the spring season the best Philadelphia has seen in around 8 years, according to a 2nd quarter report from Berkshire Hathaway Home Services.

Single-family home prices in the Philadelphia region rose to $217,000 from $212,000 in the 2nd quarter of 2015 from a year prior. Sales volume increased by 15%.

More rates

The benchmark 15-year fixed-rate mortgage fell to 3.19% from 3.31%. The benchmark 5/1 adjustable-rate mortgage fell to 3.15% from 3.21%, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, fell to 3.97% from 4.04%.

Weekly mortgage survey

Results from Bankrate's Aug. 26 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: 4.13% 3.19% 3.15% 3.97%
Change from last week: -0.02 -0.12 -0.06 -0.07
Monthly payment: $800.15 $1,154.60 $709.07 $1,983.62
Change from last week: -$1.92 -$9.58 -$5.38 -$16.76
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