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In the midst of rising mortgage rates this week in the Philadelphia metro area, owners of a real-estate crowdfunding site stopped in Germantown to talk about revitalizing the area's commercial corridor.
The benchmark 30-year fixed-rate mortgage in Philadelphia rose to 4.08 percent from 4 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.19 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.1 percent.
Crowdfunding firm Fundrise wants to pair active community members in Philadelphia with property projects in order to raise money for new development in areas like Germantown. The site is thought of as real-estate version of Kickstarter. Those who invest in new developments -- like restaurants or clothing stores -- get a percentage of the profits.
The benchmark 15-year fixed-rate mortgage rose to 3.16 percent from 3.14 percent. The benchmark 5/1 adjustable-rate mortgage rose to 2.71 percent from 2.65 percent, while the 30-year, fixed-rate jumbo, for loans of $417,000 and above, rose to 4.23 percent from 4.15 percent.
