Mortgage rates in Philadelphia rose this week. And Philly is one of the most expensive areas for seniors.
This week's rates
The benchmark 30-year fixed-rate mortgage in Philadelphia rose to 3.95% from 3.88%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.15 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.83%.
Philly is pricey for senior living
When it comes to senior-adult housing, Philly is one of the most expensive area in the nation, according to the National Senior Living Cost Index created by A Place for Mom, a senior living referral service.
Philly ranked as the 5th most expensive in independent living (an average of $2,985 per month), assisted living (average $4,663 per month) and memory care (average $5,979 per month).
The benchmark 15-year fixed-rate mortgage rose to 3.03% from 2.96%. The benchmark 5/1 adjustable-rate mortgage rose to 3.14% from 3.08%, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, rose to 3.85% from 3.71%.
Weekly mortgage survey
|Results from Bankrate's April 27 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:||3.95%||3.03%||3.14%||3.85%|
|Change from last week:||+0.07||+0.07||+0.06||+0.14|
|Change from last week:||+$6.65||+$5.57||+$5.40||+$33.49|