Mortgage rates in Philadelphia moved down this week. Meanwhile, a new report demonstrates the need for affordable housing in the area.
The benchmark 30-year fixed-rate mortgage in Philadelphia fell to 4.44 percent from 4.47 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.31 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.45 percent.
In Philadelphia, there's a big need for affordable housing. There were only 37 affordable rental units available for every 100 households with extremely low income during 2012, according to a new report from the Urban Land Institute. The nonprofit research and education organization defines "extremely low income" as a four-person household bringing in less than $24,450.
That figure includes federal housing assistance. Without it, there were only 11 affordable rental options for every 100 extremely low income households, notes the report.
The benchmark 15-year fixed-rate mortgage fell to 3.43 percent from 3.46 percent. The benchmark 5/1 adjustable-rate mortgage dropped to 3.13 percent from 3.14 percent, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, fell to 4.55 percent from 4.57 percent.
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Weekly mortgage survey
|Results from Bankrate's March 5 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:||4.44%||3.43%||3.13%||4.55%|
|Change from last week:||-0.03||-0.03||-0.01||-0.02|
|Change from last week:||-$2.93||-$2.42||-$0.90||-$4.97|