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Mortgage rates in Philadelphia, Pennsylvania

By Mitch Strohm · Bankrate.com
Thursday, February 4, 2016
Posted: 7 am ET

Mortgage rates in Philadelphia dropped this week. Meanwhile, buyers looking in Center City can save some cash by giving up a parking spot.

This week's rates

The benchmark 30-year fixed-rate mortgage in Philadelphia fell to 3.96% from 4.01%, 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 3.88%.

Parking real estate in Philly

Parking comes at a premium in Philadelphia. A 2014 study by Callahan Ward found that having a single off-street parking space can add $50,000 onto the cost of a home, at least.

But living in Center City might be a good solution to that problem, notes Philly.com. The area is very walkable and accessible to public transit.

Plus, bicycles, car sharing and services like Uber are making owning a vehicle in the area a non-necessity, notes Philly.com.

More rates

The benchmark 15-year fixed-rate mortgage fell to 3.11% from 3.15%. The benchmark 5/1 adjustable-rate mortgage fell to 3.17% from 3.23%, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, fell to 3.79% from 3.88%.

Weekly mortgage survey

Results from Bankrate's Feb. 3 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: 3.96% 3.11% 3.17% 3.79%
Change from last week: -0.05 -0.04 -0.06 -0.09
Monthly payment: $783.94 $1,148.21 $710.87 $1,940.67
Change from last week: -$4.74 -$3.19 -$5.39 -$21.29
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