Mortgage rates in Philadelphia rose this week. At the same time, the Supreme Court of Pennsylvania decided sellers don't have to disclose traumatic events that occurred in the home.
This week's rates
The benchmark 30-year fixed-rate mortgage in Philadelphia rose to 4.33 percent from 4.29 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.24 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.3 percent.
Court rules in sellers' favor
Buyers beware -- home sellers in Pennsylvania have no obligation to disclose if a house was the site of murder, suicide or satanic rituals, according to a recent ruling from the Supreme Court of Pennsylvania.
The court noted that defining the wide variety of traumatic events that could occur on a property would be an endless task.
That means it may be wise to search print or online publications for news about a particular home before making a purchase. Highly publicized tragedies can easily be discovered these days, notes Philly.com.
The benchmark 15-year fixed-rate mortgage rose to 3.46 percent from 3.44 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.29 percent from 3.27 percent, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, rose to 4.43 percent from 4.37 percent.
Shop mortgage rates in your area.
Weekly mortgage survey
|Results from Bankrate's July 30 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:||4.33%||3.46%||3.29%||4.43%|
|Change from last week:||+0.04||+0.02||+0.02||+0.06|
|Change from last week:||+$3.89||+$1.62||+$1.82||+$14.83|