Mortgage rates in Philadelphia dropped this week. Meanwhile, buyers looking in Center City can save some cash by giving up a parking spot.
This week's rates
The benchmark 30-year fixed-rate mortgage in Philadelphia fell to 3.96% from 4.01%, 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 3.88%.
Parking real estate in Philly
Parking comes at a premium in Philadelphia. A 2014 study by Callahan Ward found that having a single off-street parking space can add $50,000 onto the cost of a home, at least.
But living in Center City might be a good solution to that problem, notes Philly.com. The area is very walkable and accessible to public transit.
Plus, bicycles, car sharing and services like Uber are making owning a vehicle in the area a non-necessity, notes Philly.com.
The benchmark 15-year fixed-rate mortgage fell to 3.11% from 3.15%. The benchmark 5/1 adjustable-rate mortgage fell to 3.17% from 3.23%, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, fell to 3.79% from 3.88%.
Weekly mortgage survey
|Results from Bankrate's Feb. 3 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:||3.96%||3.11%||3.17%||3.79%|
|Change from last week:||-0.05||-0.04||-0.06||-0.09|
|Change from last week:||-$4.74||-$3.19||-$5.39||-$21.29|