Philly Mortgage Rates Fall for Eighth Straight Week

June 13, 2011 at 3:34 pm · Filed under First Time Home Buyers, For Home Buyers, Mortgage

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.