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Mortgage rates in Philadelphia, Pennsylvania

By Mitch Strohm · Bankrate.com
Thursday, August 21, 2014
Posted: 12 pm ET

Mortgage rates in Philadelphia dropped this week. And new affordable housing units are on their way to the Strawberry Mansion neighborhood.

This week's rates

The benchmark 30-year fixed-rate mortgage in Philadelphia fell to 4.3 percent from 4.31 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.14 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.24 percent.

Philly gets new affordable housing

The Philadelphia Housing Authority, or PHA, recently broke ground on a new project called the Oakdale Street Apartments in the Strawberry Mansion neighborhood, according to a report put out by the PHA.

The project will feature 12 units ranging from 700 feet to 1,200 feet. The PHA hopes to complete it by next March.

And people looking for alternative affordable housing options may want to attend the Tumbleweed Tiny House Co. workshop at the Wyndham Philadelphia Historic District Hotel on Sept. 6 and 7. Those attending will learn about buying or building an affordable, tiny house, according to Philly.com.

Houses from Tumbleweed range anywhere from 172 to 875 square feet and start at $57,000 for purchase. The workshop costs $329 if you register before Aug. 31, notes Philly.com.

More rates

The benchmark 15-year fixed-rate mortgage fell to 3.41 percent from 3.43 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.19 percent from 3.23 percent, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, fell to 4.37 percent from 4.41 percent.

Shop mortgage rates in your area.

Weekly mortgage survey

Results from Bankrate's Aug. 20 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: 4.30% 3.41% 3.19% 4.37%
Change from last week: -0.01 -0.02 -0.04 -0.04
Monthly payment: $816.54 $1,172.28 $712.67 $2,080.79
Change from last week: -$0.97 -$1.61 -$3.60 -$9.82
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