Multiple benchmark mortgage rates were higher in the Philadelphia area this week.
Key 30-year rate up in Philadelphia
According to Bankrate’s national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Philadelphia area climbed to 4.11 percent. Not only did the local rate eclipse the national average rate of 4.09 percent, it was up 3 basis points from last week. A basis point is one-hundredth of 1 percentage point.
In this week’s survey, the mortgages had an average of 0.25 discount and origination points.
With the 30-year fixed rising, it means that homebuyers and refinancers will find it pricier to borrow.
The climb in the mortgage rate raised 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $798.23, a difference of $2.88 from last week.
Other Philadelphia mortgage types see increases
The rate for 30-year jumbo mortgages also ticked up this week, up 3 basis points to 4.23 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Philadelphia area, that limit is $424,100.
The average rate for 15-year fixed-rate mortgages rose 4 basis points as well, growing to 3.40 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates upward, scaling up $3.23 to $1,171.47.
Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less lucrative than it would have been before the rate rise.
The popular 5/1 adjustable-rate mortgage rate rose to 3.65 percent this week, a rise of 5 basis points. The most common variety of variable-rate mortgage, 5/1 ARMs allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.
Weekly mortgage survey
|Results from Bankrate’s survey of mortgage lenders conducted November 15, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $424,100 in the Philadelphia area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week’s rate:||4.11%||3.40%||3.65%||4.23%|
|Change from last week:||+0.03||+0.04||+0.05||+0.03|
|Change from last week:||+$2.88||+$3.23||+$4.66||+$7.45|
Methodology: The “Bankrate.com National Average,” or “national survey of large lenders,” is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We’ve conducted this survey in the same manner for more than 30 years, and because it’s consistently done the way it is, it gives an accurate national apples-to-apples comparison.
To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s Rate Averages.”