Despite the heavy snow blanketing much of Delaware Valley, the busy real estate selling season is heating up. Traditionally, the market picks up following Super Bowl weekend, and this year is no exception! More and more new homes are hitting the market each day, and loan applications have increased due to borrowers buying new homes and refinancing their current one.
The most traditional loan for homebuyers, the 30-year fixed, decreased 6 basis points this week to 4.27 percent. The 15-year fixed rate loan, a popular choice for homeowners refinancing, also fell to 3.49 percent from last week’s average of 3.53 percent.
Mortgage rates are typically reported in terms of national averages, and rates from our network lenders in Greater Philadelphia tend to reflect the same pattern. It’s important to note, however, that rates can fluctuate significantly depending on the borrower’s credit score; buyers with credit scores under 700 may have to pay more in interest.