Philadelphia Mortgage Rates, Fees & Info

Philadelphia, PA

LEI: 549300DYB1ZT3UOGPL20

Tax ID: 23-1502500

5 stars - Updated: 12/9/24 - out of 5 stars, based on 33 reviews

Latest/2023 | 2022 Data | 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 Reading among others. We have data for 23 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 a below 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 relatively high 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.79% 12/9/24
30 Year Conventional Refi 6.61% 12/9/24
30 Year Cash-out Refi 6.85% 12/9/24
15 Year Conventional Purchase 5.52% 12/9/24
15 Year Conventional Refi 5.60% 12/9/24
15 Year Cash-out Refi 5.60% 12/9/24
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






Your Estimates

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The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

1,090

Origination Dollar Volume (All Markets)

$140,830,000

Awards

PHILADELPHIA 30 Year Conventional Loans gold
Show all (1) awards

Relative Rate

Philadelphia's average 30 year fixed mortgage rate was 6.81%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.33%.

Relative Fees (Closing Costs)

Philadelphia's average total fees/closing costs for a 30 year fixed rate mortgage were $4,136.

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 $9,089.

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) 977 $121,495,000 $124,355 $3,781 6.99%
OCEAN CITY, NJ (FHA|USDA|VA) 29 $10,465,000 $360,862 $5,899 7.40%
BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 49 $3,655,000 $74,592 $2,940 6.41%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 4 $1,040,000 $260,000 $3,004 7.28%
READING, PA (FHA|USDA|VA) 2 $830,000 $415,000 $0 6.63%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 4 $770,000 $192,500 $4,587 7.12%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $505,000 $505,000 $0 8.00%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 4 $310,000 $77,500 $3,226 6.12%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $295,000 $295,000 $0 4.24%
Pottsville, PA (FHA|USDA|VA) 3 $265,000 $88,333 $0 8.49%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,695 6.63%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 2 $150,000 $75,000 $0 7.63%
Sunbury, PA (FHA|USDA|VA) 2 $140,000 $70,000 $0 5.74%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $135,000 $135,000 $2,720 6.38%
OCALA, FL (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.50%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $85,000 $85,000 $0 6.74%
LANCASTER, PA (FHA|USDA|VA) 1 $85,000 $85,000 $0 6.24%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $65,000 $65,000 $0 8.25%
LEBANON, PA (FHA|USDA|VA) 1 $55,000 $55,000 $0 5.24%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $45,000 $45,000 $0 7.24%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.24%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.24%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 2 $40,000 $20,000 $0 6.87%
Philadelphia's top markets include Philadelphia, Ocean City, Bloomsburg, Atlantic City, and Reading among others.

Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Delaware (FHA|USDA|VA)
  • 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.

    Republic Bank
    Similarity Rank: 21
    First Columbia Bank & Trust Co.
    Similarity Rank: 96
    County Savings Bank
    Similarity Rank: 135
    Columbia Bank
    Similarity Rank: 156
    DEL-ONE FEDERAL CREDIT UNION
    Similarity Rank: 438
    Dover Federal Credit Union
    Similarity Rank: 506
    Financial Freedom Mortgage, LLC
    Similarity Rank: 549
    FRANKLIN MINT
    Similarity Rank: 570
    FREEDOM CREDIT UNION
    Similarity Rank: 900

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 763 $103,515,000 $135,668 $4,081 6.47%
    HELOC 327 $37,315,000 $114,113 n/a 8.15%

    For 2023, Philadelphia's most frequently originated type of loan was Conventional, with 763 originations. Their 2nd most popular type was HELOC, with 327 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 503 $40,015,000 $79,553 $0 7.14%
    Refi 235 $54,875,000 $233,511 $0 6.56%
    Other 220 $16,590,000 $75,409 $0 7.26%
    Home Purchase 73 $20,765,000 $284,452 $4,344 6.54%
    Cash Out Refi 59 $8,585,000 $145,508 $2,650 6.69%

    For 2023, Philadelphia's most frequently cited loan purpose was Home Improvement, with 503 originations. The 2nd most popular reason was Refi, with 235 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 382 $39,170,000 $102,539 $0 7.86%
    15 Year 339 $70,495,000 $207,950 $4,855 6.38%
    20 Year 132 $10,980,000 $83,182 $3,783 7.67%
    10 Year 117 $6,895,000 $58,932 $2,109 5.99%
    5 Year 73 $2,445,000 $33,493 $0 5.45%
    30 Year 45 $10,475,000 $232,778 $4,136 6.81%
    1 Year 2 $370,000 $185,000 $0 10.50%

    For 2023, Philadelphia's most frequently cited loan duration was Other, with 382 originations. The 2nd most popular length was 15 Year, with 339 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 42 $8,830,000 $210,238
    $1k-2k 7 $1,495,000 $213,571
    $5k+ 4 $960,000 $240,000
    $2k-3k 3 $665,000 $221,667
    $3k-4k 1 $205,000 $205,000
    $4k-5k 1 $245,000 $245,000

    Philadelphia's average total fees were $4,136, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 42 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 389 $68,545,000 $176,208
    7-8% 262 $25,490,000 $97,290
    Over 8% 204 $24,340,000 $119,314
    5-6% 155 $15,035,000 $97,000
    4-5% 77 $6,965,000 $90,455
    3-4% 1 $75,000 $75,000

    During 2023, Philadelphia's average interest rate for loans was 6.81%, while their most frequently originated rate bucket for loans was 6-7%, with 389 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 670 $33,740,000 $50,358 $2,803 7.01%
    $100k-200k 242 $32,460,000 $134,132 $3,212 6.96%
    $200k-400k 116 $32,300,000 $278,448 $5,275 6.78%
    $400k-600k 43 $20,015,000 $465,465 $4,537 6.94%
    $600k-1MM 14 $10,740,000 $767,143 $4,587 6.55%
    $1MM+ 5 $11,575,000 $2,315,000 $0 9.15%

    2023 saw Philadelphia place emphasis on $100,000 or less loans with 670 originations, totaling $33,740,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 207 $14,545,000 $70,266 $3,757 7.08%
    $100k-150k 191 $16,035,000 $83,953 $4,459 7.05%
    $75k-100k 175 $13,255,000 $75,743 $3,679 7.04%
    $50k or less 159 $9,575,000 $60,220 $3,411 6.94%
    $150k-250k 128 $22,750,000 $177,734 $4,629 7.06%
    $250k+ 36 $10,180,000 $282,778 $5,412 7.12%

    Philadelphia lent most frequently to those with incomes in the $50k-75k range, with 207 originations. The second most popular income band? $100k-150k, with 191 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 183 $14,825,000 $81,011 $3,442 6.81%
    30-36% 143 $12,725,000 $88,986 $4,489 6.94%
    <20% 69 $4,555,000 $66,014 $2,708 7.03%
    45% 62 $4,050,000 $65,323 $5,391 7.16%
    >60% 52 $13,350,000 $256,731 $5,246 7.74%
    50-60% 43 $4,515,000 $105,000 $3,683 7.42%
    40% 42 $3,300,000 $78,571 $0 7.25%
    41% 35 $2,995,000 $85,571 $3,080 6.96%
    39% 35 $2,675,000 $76,429 $4,578 7.27%
    37% 34 $2,480,000 $72,941 $2,680 6.64%
    44% 32 $2,880,000 $90,000 $5,744 6.99%
    43% 30 $2,590,000 $86,333 $4,980 7.14%
    38% 29 $2,935,000 $101,207 $4,407 7.05%
    46% 23 $2,035,000 $88,478 $6,116 7.29%
    36% 23 $2,375,000 $103,261 $4,011 6.95%
    42% 21 $2,115,000 $100,714 $0 6.58%
    47% 11 $865,000 $78,636 $7,010 7.03%
    48% 6 $350,000 $58,333 $0 7.83%
    49% 5 $645,000 $129,000 $0 8.00%

    Philadelphia lent most frequently to those with DTI ratios of 20-30%, with 183 originations. The next most common DTI ratio? 30-36%, with 143 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 192 $54,210,000 $282,344 $0 6.66%
    White 360 $39,900,000 $110,833 $4,157 6.83%
    Not provided 270 $28,310,000 $104,852 $3,601 7.06%
    Black 240 $15,260,000 $63,583 $4,325 7.31%
    Asian 16 $2,220,000 $138,750 $4,587 6.79%
    Native Hawaiian or Islander 4 $410,000 $102,500 $0 8.75%
    Chinese 3 $185,000 $61,667 $0 6.99%
    Other Pacific Islander 1 $105,000 $105,000 $0 6.75%
    Other Asian 1 $105,000 $105,000 $0 8.25%
    American Indian 2 $70,000 $35,000 $0 6.99%
    Asian Indian 1 $55,000 $55,000 $0 8.00%

    Approval Rates

    Total approvals of all applications
    61.10%

    Philadelphia has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    89.63%

    Philadelphia has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,090 $140,830,000 $129,202

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,090 $140,830,000 $129,202

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 283 $23,815,000 $84,152 $3,462 7.19%
    40-60% 133 $21,205,000 $159,436 $2,963 6.83%
    60-80% 229 $65,045,000 $284,039 $3,859 6.78%
    80-100% 51 $12,635,000 $247,745 $4,757 7.09%
    Under 20% 394 $18,130,000 $46,015 $1,643 6.97%