Mortgage rates in Philadelphia rose this week. And a new commercial real estate project, with plenty of shopping, may break ground in the suburbs of Philly next year.
This week's rates
The benchmark 30-year fixed-rate mortgage in Philadelphia rose to 4.27 percent from 4.23 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.23 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.17 percent.
Bryn Mawr may get some new shopping options
Early next year, construction could start on a $20 million mixed-use commercial real estate project in the Bryn Mawr area of Greater Philadelphia, according to the Philadelphia Business Journal.
Located on Lancaster Avenue, the 60,000-square-foot project, called Bryn Mawr Village, will include retail space and office space. The developer is currently requesting approval.
The benchmark 15-year fixed-rate mortgage jumped up to 3.48 percent from 3.41 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.24 percent from 3.19 percent, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, rose to 4.13 percent from 4.1 percent.
Shop mortgage rates in your area.
Weekly mortgage survey
|Results from Bankrate's Nov. 5 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:||4.27%||3.48%||3.24%||4.13%|
|Change from last week:||+0.04||+0.07||+0.05||+0.03|
|Change from last week:||+$3.87||+$5.68||+$4.53||+$7.28|