Mortgage rates in Philadelphia dropped this week. And Philly's future real estate market looks optimistic.
The benchmark 30-year fixed-rate mortgage in Philadelphia fell to 4.54 percent from 4.61 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.13 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.47 percent.
Developers are betting on Philly. In 2013, developers received building permits for 2,815 units in the city, estimated to be worth of $465 million, according to a new report from Pew Charitable Trusts. That's the highest annual amount on record.
That bet on the market is largely due to Philly's rising population, which jumped to more than 1.5 million last year, the seventh straight year the population has increased. Undoubtedly, a large swath of new Philadelphians will be on the hunt for housing, notes Pew.
The benchmark 15-year fixed-rate mortgage fell to 3.48 percent from 3.58 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.18 percent from 3.25 percent, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, fell to 4.57 percent from 4.59 percent.
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Weekly mortgage survey
|Results from Bankrate's April 9 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:||4.54%||3.48%||3.18%||4.57%|
|Change from last week:||-0.07||-0.10||-0.07||-0.02|
|Change from last week:||-$6.86||-$8.08||-$6.29||-$4.97|