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Mortgage rates in Philadelphia, Pennsylvania

By Mitch Strohm · Bankrate.com
Thursday, July 2, 2015
Posted: 7 am ET

Mortgage rates in Philadelphia were a mixed bag this week. And a new report says that cash is king in Philly real estate.

This week's rates

The benchmark 30-year fixed-rate mortgage in Philadelphia rose to 4.28% from 4.26%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.16 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.19%.

Cash rules in Philly real estate

So far in 2015, Philadelphia ranks No. 1 for homes bought and sold for cash, according to a recent report from Corelogic.

In fact, a whopping 61% of home sales in the city were done with all cash in March.

That's well above the national average of 35% and a far cry from the 38% average throughout Pennsylvania, according to the report.

More rates

The benchmark 15-year fixed-rate mortgage remained at 3.37%. The benchmark 5/1 adjustable-rate mortgage remained at 3.32%, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, fell to 4.2% from 4.27%.

Weekly mortgage survey

Results from Bankrate's July 1 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: 4.28% 3.37% 3.32% 4.2%
Change from last week: +0.02 0.0 0.0 -0.07
Monthly payment: $814.60 $1,169.05 $724.44 $2,039.20
Change from last week: +$1.94 N/C N/C -$17
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