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Mortgage rates in Philadelphia, Pennsylvania

By Mitch Strohm · Bankrate.com
Thursday, May 19, 2016
Posted: 7 am ET

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%.

More rates

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
Monthly payment: $775.42 $1,137.08 $708.17 $1,928.83
Change from last week: N/C N/C +$9.92 N/C
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