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%.
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|
|Change from last week:||-$1.92||-$9.58||-$5.38||-$16.76|