Fixed mortgage rates fell for the eighth straight week in the widely watched Freddie Mac survey of what lenders are offering to well-qualified borrowers.
Philadelphia Mortgage Rates week of June 13th:
30 Year Fixed: 4.75% with 0 pts. (45 day lock)
30 Year Fixed Jumbo: 5.00% blended rate (call for details)
15 Year Fixed: 3.875 % with 0 pts. (45 day lock)
FHA 30 Year Fixed: 4.75 % with 0 pts. (45 day lock)There is a significant amount of economic data scheduled for release this week including two large inflation reports (Producer Price Index and Consumer Price Index) as well as reports on housing starts, jobless claims, manufacturing and retail sales. If U.S. economic data continues to deteriorate and the global economies continue to cool, mortgage rates may continue to their downward trend for the foreseeable future. Now’s the time to take advantage of the combination of low rates and affordable housing in Philadelphia.
Conventional pricing is with middle credit score >740. FHA minimum credit score is 640. *Income and Asset verification required and must meet DTI guidelines. *This is not a commitment to lend and other conditions may apply.
Fannie Mae, the nationwide mortgage company, opened Philadelphia Mortgage Help Center 2 days ago to provide free education and counseling to Philadelphia residents with foreclosure issues. The Center was developed in partnership with Consumer Credit Counseling Service of Delaware Valley, local community and elected officials, and area mortgage servicers.
The center is located at 399 Franklin Mills Circle in the Northeast and is the latest of nine to open across the country. The services are available only for homeowners with a mortgage owned by Fannie Mae and require an appointment, which can be made by calling 866-442-8570.
Services available at the Center include one-on-one consultations with experienced housing counselors to review mortgage loans and financing options, explain the range of options available, and help borrowers apply for loan workouts and other alternatives to foreclosure. Services are available in both English and Spanish.
“Philadelphia’s nationally recognized Mortgage Foreclosure Prevention Program has already saved more than 3,000 homeowners from foreclosure,” says Mayor Michael A. Nutter. “We welcome Fannie Mae to our region and are pleased to have another partner in the fight to keep Philadelphia families in their homes.”
Determine if Fannie Mae owns your loan
or you can call 800-7FANNIE
Just a collection of random stories and articles from the week that we found interesting and thought we’d share.
Boardwalk And South Street Ramp (Naked Philly)
Fishtown Shad Fest (shadfestdotorg)
Ride the Duck returs to Delaware River (Plan Philly)
Mortgage denied: Sometimes, for no good reason (CNN Money)
Foreclosures: Is the Worst Behind Us? (National Association of Realtors)
New Philly Ad Woos Lesbians (G Philly)
El Jarocho located @ 13th and Ellsworth St in the Passyunk Square neighborhood is a great spot for lunch. Make sure you go on off hours as the seating is limited. Try the tacos de lengua con quesco fresco and wash them down with a glass of refreshing horchata – a drink made of rice, almonds, cinnamon, lime zest and sugar.
Open daily 9am to 11pm.
Get the real story about the Philly real estate market.
The spring home selling season is usually under way by Super Bowl Sunday, but it got a late start this year between the weather and the economy. This wait and the fear of rising interest rates seem to have released the pent-up demand among buyers who have been out in droves lately. We should start to see the back-log of inventory decline for well- priced house that are updated to today’s standards. Buyers’ expectations are also greater. Buyers in today’s market are a lot less willing to commit to homes that need work.
SELLERS: Pricing your Philadelphia home correctly from the beginning is vital. However the spring market may present a new opportunity to aggressive re-price and move a floundering property.
(click on graph for larger view)
Potentially Related Posts:
courtesy of Fix Philly Taxes
In 1981 the Mayor and City Council of Philadelphia entered into a political “deal” that was supposed to correct the systemic problems by equalizing property values over six years. Over 25 years have passed since the court-ordered deadline in their agreement…and still the system has not been fixed.
I think we all agree that the real estate tax system in Philadelphia is broken. Attempts at fixing the inequities have been by and large dismal failures. With the recent “temporary” tax increase and the Actual Value Initiative on the horizon there has been lots of discussion this week in the news.
Daily News Editorial: Property taxes: Getting past crazy
Inquirer Editorial: Smells like a tax hike