Philly Mortgage Brokers

10/30/2026

We finally got some relief in rates over the past two weeks with 0.08% drops two weeks in a row dipping from 7.40% to 7.24% for the weekly average for a conventional 30-year fixed.

10/27/2026

Wilmington Delaware's revised home repair assistance program kicked off yesterday offering up to $10,000 per household for necessary home updates. It is on a first come, first serve basis through June until the full $500,000 allocated to the program is dispersed. The program is open to Wilmington, DE homeowners whose household income is no more than $78,550 for a family of two, and $98,150 for a family of four.

City officials say the goal is to help residents, especially older ones on fixed or limited incomes, make emergency or long-needed fixes.

10/26/2026

It can be surprising to see how your mortgage payment is divided, especially during the first few years of a loan. With a typical amortizing mortgage, interest is calculated on the outstanding principal balance. As you gradually pay down that balance, less of each payment goes toward interest and more goes toward principal. This is also why making additional principal payments early in the loan can have a greater impact on the total interest you pay over time.

10/20/2026

Housing inventory is not getting a boost from new home construction this year. Builders are scaling back due to softer demand influenced by persistently higher interest rates. Housing starts fell 5.2% from August to September, missing expectations. Building permits, a signal of future construction, dipped 0.2%. Meanwhile, home completions are down 14% year. While there might be less competition right now, when rates do ease and more buyers enter the market, inventory will not be there to support the demand. This will set us up for yet another very competitive market.

10/14/2026

Property taxes are an important part of the overall cost of owning a home and can vary significantly from one location to another. They can also change over time, which is why it's important to consider more than just the home's purchase price when evaluating your options. Before making an offer, look into the property's current property taxes so you have a better idea of the ongoing costs associated with the home. It is smart to anticipate annual increases in both property taxes and homeowner's insurance.

10/08/2026

A lower mortgage payment doesn’t always require waiting for rates to fall. A rate buydown can lower your mortgage rate using funds paid upfront, and in some cases the seller may contribute toward the cost. Potential savings depend on the loan amount, rate, and how long you keep the mortgage. Choosing between a full buydown versus a temporary one (often a couple of years) depends on your goals and what you think the future holds. Will your income increase to absorb the higher rate? Will rates cool off in a few years? Are you planning on moving in the near future? Want to see if a buydown could make sense for you? Send us a message. We're happy to help you compare the upfront cost with the potential monthly savings for both temporary and full term buydowns.

10/06/2026

We're particularly proud of this one. This was a very tricky situation that other lenders had said was impossible. We rolled up our sleeves and managed to find a way to help Gregory access the funds he needed to update his home. There were some extra hoops to jump through to get to the finish line but it was such a joy to be able to help this family.

10/05/2026

A recent survey asked Americans what mortgage rate would shift them from thinking about homes to actually buying. Over a variety of age groups, the average answer was below 5%. So, how likely is it rates with dip below 5% in the near future and why might waiting not be your best financial move? We dig into this in our latest blog. Here's a few of the key aspects:
1) With the average conventional 30-year at 7.28% per Freddie Mac's weekly report, the path to 5% is a very long road. It would likely take over 2 years of steady decline to reach that number. And rates are currently not trending downward.
2) Cost. If you're paying rent while you wait, you are losing out on the equity you would be building by owning a home.
3) Price. Home prices typically appreciate. The price of the home today is likely lower than what it will be in the future.
4) Competition. If everyone is holding out for 5%, when it finally arrives, there will be a stampede of buyers flooding the market driving up prices and depleting inventory.
5) Options. You can still take advantage of a rate drop if it does come around even if you buy today. Refinancing is always an option.
https://phillymb.com/should-i-wait/

A 2025 special report by Coatlity asked potential homebuyers what rate would shift them from window shopping homes to purchasing one. Gen Z’s magic number was 4.9%. And the other groups queried actually had lower thresholds. The median response from would-be American buyers was 4.6% with Boomers h...

10/02/2026

Philly Nonprofit Spotlight: The Wardrobe is a clothing store with a purpose. While they sell affordably priced, gently used clothing like a regular thrift store, they also offer free clothing to those in need. They started out over 30 years ago as a space for women to access professional clothing to help them gain and maintain employment. They have since expanded to providing clothing of all types to all genders. This could be a warm coat, casual wear, business attire or even a prom dress. They meet the needs of a wide range of the community including those experiencing homelessness, refugees and people recently released from incarceration. People experiencing clothing insecurity can apply for a membership which provides them with up to six items a visit for times a year. The Wardrobe has grown from one location in Northern Liberties to six locations in Kennett Square, Norristown, Philadelphia, Plymouth Meeting, Upper Darby, Exton and opening October 8th: Malvern.
The Wardrobe is always seeking volunteers and donations of clothing and toiletries. As we are transitioning to cooler days, now is a great time to donate fall and winter items. There is currently a strong need for cool weather men's clothing of all sizes. If you'd like to get involved find out more here: https://careerwardrobe.org/philadelphia/

10/01/2026

The weekly average 30-year fixed mortgage rate has been sitting above 6% since September 2022 other than one week this past February. As of October 1st, the weekly average for a 30-year fixed was 7.28%. And rates are not likely to have any meaningful decrease over the next few months. So, what can buyers do to combat these higher interest rates? The two biggest factors that can help you get the lowest possible rate are credit score and down payment. We dig into why and what amounts offer the most favorable rates in our latest blog.

The weekly average 30-year fixed mortgage rate has been sitting above 6% since September 2022 other than one week this past February. As of October 1st, the weekly average for a 30-year fixed was 7.28%. And rates are not likely to have any meaningful decrease over the next few months. So, what can b...