Mortgage rates in Philadelphia fell this week. Meanwhile, it's getting more expensive to be a renter in South Philly.
This week's rates
The benchmark 30-year fixed-rate mortgage in Philadelphia fell to 4.09 percent from 4.13 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.19 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.9 percent.
Rents get pricey in South Philly
According to the Passyunk Post, it's getting much more expensive to rent South Philadelphia real estate.
The South Philly-focused publication analyzed new data from Center City District Philadelphia and found that rents are continuously increasing in the area.
In fact, Point Breeze in South Philly saw a 17 percent jump in the median rent by square foot from 2013 to 2014. And there's some fear that longtime residents in the area could get pushed out because of increasing rent prices.
The benchmark 15-year fixed-rate mortgage fell to 3.28 percent from 3.41 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.23 percent from 3.3 percent, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, fell to 4.05 percent from 4.13 percent.
Weekly mortgage survey
|Results from Bankrate's Feb. 25 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:||4.09%||3.28%||3.23%||4.05%|
|Change from last week:||-0.04||-0.13||-0.07||-0.08|
|Change from last week:||-$3.82||-$10.41||-$6.32||-$19.24|