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Philly Mortgage Rates Fall for Eighth Straight Week
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.
Mortgage Help Center Opens in Philadelphia
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
Friday’s Links
Just a collection of random stories and articles from the week that we found interesting and thought we’d share.
2 women wage tireless war to halt Point Breeze townhouses (Daily News)
Boardwalk And South Street Ramp (Naked Philly)
Fishtown Shad Fest (shadfestdotorg)
Proposal for 3,000-patron live music venue in Fishtown heads to City Council (Plan Philly)
Ride the Duck returs to Delaware River (Plan Philly)
Existing-home sales perked up in March (MSNBC)
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)
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Passyunk Square Neighborhood Find
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.
