Mortgage rates in Philadelphia ticked up this week. In addition, home sales and prices have increased across most of the Philly area.
The benchmark 30-year fixed-rate mortgage in Philadelphia rose to 4.61 percent from 4.5 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 4.55 percent.
According to the Long & Foster Real Estate Market Minutes report, greater Philadelphia is still seeing positive trends.
In the greater Philly area, sales and home prices were up overall. Philadelphia County alone saw a 13 percent increase in home sales in October from a year prior. And while the median home price in Philadelphia County decreased by 1 percent, all other counties in the area saw price increases.
The benchmark 15-year fixed-rate mortgage rose to 3.66 percent from 3.54 percent. The benchmark 5/1 adjustable-rate mortgage jumped to 3.27 percent from 3.2 percent, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, rose to 4.56 percent from 4.46 percent.
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Weekly mortgage survey
|Results from Bankrate's Dec. 4 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:||4.61%||3.66%||3.27%||4.56%|
|Change from last week:||+0.11||+0.12||+0.07||+0.10|
|Change from last week:||+$10.89||+$9.81||+$6.36||+$24.94|