Mortgage rates in Philadelphia inched up this week. Meanwhile, Philly was named as one of the least expensive major cities to rent residential real estate.
This week's rates
The benchmark 30-year fixed-rate mortgage in Philadelphia rose to 4.1 percent from 4.09 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.21 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.03 percent.
Philly offers affordable rental options
Those who would rather rent than buy in Philadelphia should be in good spirits. Philadelphia is one of the cheapest major cities for renting, according to a recent report from rental site Zumper.
The median rent for a one-bedroom apartment in Philly was $1,400 in April.
Of course, Philadelphia still ranked as the 12th-most expensive city for rent out of the 50 largest U.S. cities on Zumper's list. But it's still far more affordable than East Coast cities like New York and Boston, where median rents topped $3,000 and $2,000 for a one-bedroom, respectively, according to data from Zumper.
The benchmark 15-year fixed-rate mortgage rose to 3.26 percent from 3.23 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.15 percent from 3.13 percent, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, inched up to 4.08 percent from 4.07 percent.
Weekly mortgage survey
|Results from Bankrate's May 20 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:||4.1%||3.26%||3.15%||4.08%|
|Change from last week:||+0.01||+0.03||+0.02||+0.01|
|Change from last week:||+$0.96||+$2.41||+$1.80||+$2.42|