Mortgage rates in Philadelphia mostly remained unchanged this week. Meanwhile, home prices in Philly hit an all-time high.
This week's rates
The benchmark 30-year fixed-rate mortgage in Philadelphia remained at 3.87%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.26 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.76%.
Philly home prices
The median sales price of a home in Philadelphia in the 1st quarter of 2016 hit an all-time high of $143,000, according to the Philadelphia Housing Report from Drexel University's Lindy Institute for Urban Innovation. That's a level not seen since the housing bubble burst in 2007.
In the 1st quarter, the typical Philadelphia home increased in value by 3.90%.
The benchmark 15-year fixed-rate mortgage remained at 2.97%. The benchmark 5/1 adjustable-rate mortgage rose to 3.14% from 3.03%, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, remained at 3.74%.
Weekly mortgage survey
|Results from Bankrate's May 18 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:||3.87%||2.97%||3.14%||3.74%|
|Change from last week:||N/C||N/C||+0.11||N/C|
|Change from last week:||N/C||N/C||+$9.92||N/C|