Philadelphia Mortgage Rates, Fees & Info
Philadelphia, PALEI: 549300DYB1ZT3UOGPL20
Tax ID: 23-1502500
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Philadelphia is a smaller mortgage company specializing in Home Improvement and Refi loans. Philadelphia has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, Ocean City, Bloomsburg, Atlantic City, and New York among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)Philadelphia has a below average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Philadelphia is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.79% | 12/4/23 |
| 30 Year Conventional Refi | 6.61% | 12/4/23 |
| 30 Year Cash-out Refi | 6.85% | 12/4/23 |
| 15 Year Conventional Purchase | 5.52% | 12/4/23 |
| 15 Year Conventional Refi | 5.60% | 12/4/23 |
| 15 Year Cash-out Refi | 5.60% | 12/4/23 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Philadelphia Mortgage Calculator
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This is not an official calculator from Philadelphia. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,055Origination Dollar Volume (All Markets)
$137,965,000Awards
PHILADELPHIA - 2022
PHILADELPHIA is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Relative Rate
Philadelphia's average 30 year fixed mortgage rate was
5.13%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.37%.
Relative Fees (Closing Costs)
Philadelphia's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,152.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $4,750.
Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 958 | $127,050,000 | $132,620 | $3,683 | 4.64% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 10 | $3,310,000 | $331,000 | $6,611 | 5.15% |
| BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) | 41 | $2,755,000 | $67,195 | $2,784 | 4.40% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 6 | $910,000 | $151,667 | $2,782 | 4.46% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 6 | $720,000 | $120,000 | $0 | 4.66% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 6 | $550,000 | $91,667 | $3,624 | 5.47% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 3 | $465,000 | $155,000 | $5,394 | 5.79% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 3 | $435,000 | $145,000 | $3,718 | 4.75% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $3,706 | 3.25% |
| WILLIAMSPORT, PA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,726 | 3.75% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,204 | 4.25% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $165,000 | $55,000 | $0 | 4.24% |
| Sunbury, PA (FHA|USDA|VA) | 3 | $115,000 | $38,333 | $0 | 3.49% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 4.24% |
| DOVER, DE (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 5.74% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 3.00% |
| READING, PA (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $0 | 4.49% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $0 | 4.49% |
| Warren, PA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.24% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 3.99% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 3.99% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 6.24% |
Similar Lenders
We use machine learning to identify the top lenders compared against PHILADELPHIA based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 52
Similarity Rank: 204
Similarity Rank: 328
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Similarity Rank: 728
Similarity Rank: 905
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Similarity Rank: 1419
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 831 | $118,295,000 | $142,353 | $3,770 | 4.69% |
| HELOC | 224 | $19,670,000 | $87,813 | n/a | 4.43% |
For 2022, Philadelphia's most frequently originated type of loan was Conventional, with 831 originations. Their 2nd most popular type was HELOC, with 224 originations.
Loan Reason
For 2022, Philadelphia's most frequently cited loan purpose was Home Improvement, with 476 originations. The 2nd most popular reason was Refi, with 254 originations.
Loan Duration/Length
For 2022, Philadelphia's most frequently cited loan duration was 15 Year, with 360 originations. The 2nd most popular length was Other, with 271 originations.
Origination Fees/Closing Costs
Philadelphia's average total fees were $4,152, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 83 originations.
Interest Rates
During 2022, Philadelphia's average interest rate for loans was 5.13%, while their most frequently originated rate bucket for loans was 3-4%, with 355 originations.
Loan Sizing
2022 saw Philadelphia place emphasis on $100,000 or less loans with 654 originations, totaling $32,870,000 in origination value.
Applicant Income
Philadelphia lent most frequently to those with incomes in the $50k-75k range, with 213 originations. The second most popular income band? $100k-150k, with 175 originations.
Applicant Debt to Income Ratio
Philadelphia lent most frequently to those with DTI ratios of 20-30%, with 199 originations. The next most common DTI ratio? 30-36%, with 154 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications56.07%
Philadelphia has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination90.71%
Philadelphia has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,055 | $137,965,000 | $130,773 |