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.
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|
|Change from last week:||+$1.94||N/C||N/C||-$17|