Mortgage Rates in Philadelphia, Pennsylvania: 2026 Guide
30-year fixed: 6.72%. Median: $320,000.
Current Mortgage Rates in Philadelphia
| Loan Type | Rate | APR | Monthly* |
|---|---|---|---|
| 30-Year Fixed | 6.72% | 6.800% | $1,655/mo |
| 15-Year Fixed | 6.2% | 6.270% | $2,188/mo |
| 5/1 ARM | 6.1% | 6.450% | $1,551/mo |
Philadelphia Market Insights
Philadelphia provides a more affordable entry point to major East Coast city living. The city has seen significant development and population growth in recent years, with neighborhoods like Fishtown, Northern Liberties, and University City attracting new residents. Pennsylvania’s property taxes vary significantly by county, and Philadelphia’s wage tax is a unique consideration for city residents.
Frequently Asked Questions
What is the average mortgage rate in Philadelphia?+
How much down payment is needed in Philadelphia?+
What are property taxes in Philadelphia?+
What a $320,000 Home Costs in Philadelphia
At Philadelphia's median home price of $320,000, a 20% down payment is $64,000. On a 30-year fixed loan at 6.72%, the monthly principal and interest payment works out to $1,655, and property taxes add roughly $421 per month at an effective rate of 1.58%. That puts the total PITI payment near $2,076 a month before homeowners insurance and HOA fees.
Keeping housing at or below 28% of gross income means a buyer in Philadelphia typically needs to earn about $88,971 a year to carry this payment comfortably.
Tax & Rate Context in Philadelphia
The effective property tax rate in Philadelphia is 1.58%, which works out to roughly $5,056 a year on a median-priced home. The average 30-year fixed rate of 6.72% runs 0.01 points above the national average of 6.71%, so locking a rate and shopping at least three lenders matters more here. Philadelphia has an estimated population of 1.6M, and demand in the local market affects how quickly homes move and how often sellers negotiate on price.