Mortgage rates in Philadelphia didn't move much this week. And a report says that Philly is one of the least affordable markets for millennial renters.
This week's rates
The benchmark 30-year fixed-rate mortgage in Philadelphia remained at 3.96 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 3.8 percent.
Philly is expensive for millennial renters
It's pricey to live in Philly if you're a millennial who's renting real estate. In many of the counties that are most attractive to millennials, renting is cheaper than owning. But that's not the case in Philly, notes MainStreet.com.
In fact, it takes 47 percent of household income to rent in the city, according to a recent report from RealtyTrac.
That makes Philadelphia the third worst city for millennials to rent. Only New York and Baltimore are more expensive, according to the RealtyTrac report.
The benchmark 15-year fixed-rate mortgage rose to 3.24 percent from 3.23 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.24 percent from 3.08 percent, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, rose to 3.93 percent from 3.91 percent.
Weekly mortgage survey
|Results from Bankrate's Jan. 28 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%||3.24%||3.24%||3.93%|
|Change from last week:||N/C||+0.01||+0.16||+0.02|
|Change from last week:||N/C||+$0.80||+$14.56||+$4.79|