Mortgage rates in Philadelphia dropped this week. And in just a couple of weeks, investors and prospective buyers will have a chance to get a good deal on a property in the area.
The benchmark 30-year fixed-rate mortgage in Philadelphia fell to 4.44 percent from 4.54 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.27 discount and origination point. Nationally, the 30-year fixed-rate mortgage was 4.43 percent.
On May 1st, 86 rowhomes and lots will be auctioned off throughout North Philadelphia, according to Madison Hawk, a national real estate firm that will be handling the auction.
Half of the properties will be sold to the highest bidder. But Madison Hawk notes that this auction offers an opportunity for investors and first-time buyers to pick up some real estate at a reduced price.
The benchmark 15-year fixed-rate mortgage fell to 3.45 percent from 3.48 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.16 percent from 3.18 percent, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, fell to 4.52 percent from 4.57 percent.
Shop mortgage rates in your area.
Weekly mortgage survey
|Results from Bankrate's April 16 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:||4.44%||3.45%||3.16%||4.52%|
|Change from last week:||-0.10||-0.03||-0.02||-0.05|
|Change from last week:||-$9.74||-$2.42||-$1.80||-$12.38|