Philadelphia Metro Area Mortgage Rates

In the first week of December, Philadelphia’s largest financial institutions offered potential borrowers a wide variety of mortgage rates.  Three of the institutions listed on their websites lower rates on 30-year fixed -rate conforming loans in the Philadelphia metro area for well-qualified borrowers.  The Wilmington Savings Fund Society (www.wsfsbank.com) led the way with loans as low as 3.75% for well-qualified borrowers looking for a 30-year fixed-rate loan.  Wells Fargo (www.wellsfargo.com) and Bank of America (www.bofa.com) followed closely with listed rates of 3.875%.  At the other end of the spectrum PNC bank (www.pnc.com) offered mortgage rates of 4.375%.

When the time comes to get a loan, a borrower often thinks the best bet is to get quotes from multiple lenders, then choose who offers the best rates.  Getting quotes from several lenders can help the borrower gain bargaining power, but obtaining too many quotes will hurt a person’s credit score.  And what is the point of getting a quote from a bank that charges higher rates?  Instead of wasting your time getting quotes from random lenders, a little research will provide insight into where to look by showing current rates in one place.

With a little work researching lenders, the borrower can shift negotiating power from the lender and get a competitive deal on a mortgage.

Listed rates from banks, thrifts and credit union were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates.