Multiple important mortgage rates climbed higher in the Philadelphia area this week.
Benchmark 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 increased to 4.13 percent. Not only did the local rate end up exceeding the national average rate of 4.05 percent, it was up 2 basis points from last week. A basis point is one-hundredth of 1 percentage point.
The mortgages in this week's survey had an average of 0.22 discount and origination points.
The climb in the mortgage rate punched up 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $800.15, a difference of $1.92 from last week.
No clear direction for other Philadelphia mortgage types
Conversely, the average rate for 30-year jumbo mortgages fell this week, ticking down 2 basis points to 4.12 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 3 basis points, climbing to 3.33 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage moved up with rates, ticking up $2.42 to $1,165.83.
The benchmark 5/1 adjustable-rate mortgage rate increased 5 points this week, climbing to 3.48 percent. 5/1 adjustable-rate mortgages allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most common type of variable-rate mortgage.
Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted June 21, 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:||4.13%||3.33%||3.48%||4.12%|
|Change from last week:||+0.02||+0.03||+0.05||-0.02|
|Change from last week:||+$1.92||+$2.42||+$4.61||-$4.92|
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."