Mortgage rates in Philadelphia rose this week. And a new report says Philly housing saw some noteworthy gains in the second quarter of the year.
This week's rates
The benchmark 30-year fixed-rate mortgage in Philadelphia rose to 4.31 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 0.2 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.27 percent.
Home sales and prices increase
Philadelphia housing is doing quite well. In the second quarter of this year, both sales and home prices increased, according to a new report from the Fels Institute of Government at the University of Pennsylvania. That's only the second time this has occurred since the market downturn in 2007.
The median home price jumped 5 percent in the second quarter from the first quarter, and home sales rose by 10 percent.
While that's good news for Philly housing, the report cautions not to be too optimistic. The city has had numerous ups and downs on the road to recovery.
The benchmark 15-year fixed-rate mortgage rose to 3.5 percent from 3.4 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.27 percent from 3.23 percent, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, rose to 4.42 percent from 4.36 percent.
Shop mortgage rates in your area.
Weekly mortgage survey
|Results from Bankrate's Sept. 10 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:||4.31%||3.50%||3.27%||4.42%|
|Change from last week:||+0.02||+0.10||+0.04||+0.06|
|Change from last week:||+$1.94||+$8.12||+$3.63||+$14.82|