Mortgage rates in Philadelphia fell this week. Meanwhile, a report said that the decisions of millennials may control the future of the Philly real estate market.
This week's rates
The benchmark 30-year fixed-rate mortgage in Philadelphia fell to 4.2 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 0.17 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.1 percent.
Millennials help create a healthy real estate market
Baby Boomer population growth may be stagnant in Philly, but the millennial population is on the rise, notes the Philadelphia Business Journal. And as more millennials flock to the city, more companies and retailers are following and helping to create a healthy real estate market.
But local real estate experts are concerned that once millennials start families, they will be driven away from the city due to its high taxes, poor schools, competitive job market and high poverty.
That's causing some experts to call for changes in policy to keep both millennials and Baby Boomers in the city, notes the Business Journal.
The benchmark 15-year fixed-rate mortgage fell to 3.2 percent from 3.25 percent.The benchmark 5/1 adjustable-rate mortgage fell to 3.63 percent from 3.7 percent, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, fell to 3.25 percent from 3.26 percent.
Shop mortgage rates in your area.
Weekly mortgage survey
|Results from Bankrate's Nov. 19 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:||4.20%||3.20%||3.63%||3.25%|
|Change from last week:||-0.02||-0.05||-0.07||-0.01|
|Change from last week:||-$1.67||-$4.00||-$6.49||-$2.29|