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Stock Market Today: Dow Ekes Out Record, Nasdaq Retreats Again

The Dow Jones Industrial Average managed to set an all-time high amid, for a third straight day, a palpable investor preference for the reopening trade.

Payroll provider ADP on Wednesday reported that American private-sector employers added 742,000 jobs last month – below consensus expectations for 800,000 jobs, but a massive improvement from March’s 565,000.

Meanwhile, the Institute for Supply Management showed a services index reading of 62.7 in April; while anything above 50 suggests expansion, the reading missed forecasts and was down a point from March.

“April’s print is very strong any way you slice it, with the reading still at its second-highest level, and accompanied by an even more robust 64.7 print for the Markit service sector PMI,” says Barclays economist Jonathan Millar. “Hence, we see little reason to infer anything but positive signals from today’s report, which points to a sustained acceleration in service sector activity with ongoing progress in the vaccination campaign and measures by many states and municipalities to ease social distancing restrictions.”

Both data points still represented signs of growth, which was enough to bolster energy stocks such as Exxon Mobil (XOM, +3.0%) and Chevron (CVX, +2.7%) on a slightly down day for oil prices, and jolt materials plays such as Dow (DOW, +2.8%) and gases firm Linde (LIN, +3.0%).

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Other notable movers were General Motors (GM, +4.1%), which gained on a wide Q1 earnings beat ($2.25 per share vs. estimates for $1.04), and Peloton Interactive (PTON, -14.6%), whose shares cratered after announcing voluntary recalls of all Tread and Tread+ treadmills, which have caused one death and several injuries.

While early gains fizzled late, the Dow once again led the major indexes with a modest 0.3% gain to a record 34,230. The S&P 500 (up marginally to 4,167) inched ahead, while the Nasdaq Composite (-0.4% to 13,582) suffered its fourth consecutive decline.

Other action in the stock market today:

  • Facebook (FB, 1.1%) was in focus today, after the company’s oversight committee said it was right to ban former President Donald Trump from its platform following the Jan. 6 attack on the U.S. Capitol citing a “clear, immediate risk of harm,” but it was not justified in making the ban indefinite. “The reaction on both sides to Facebook’s Oversight Board statement on former President Trump’s suspension speaks to how central these social media platforms have become for interpersonal communication,” says David Keller, Chief Market Strategist at StockCharts.com. Facebook now has six months to decide if the ban will be permanent.
  • Jessica Alba’s Honest (HNST, +43.8%) surged in its market debut, after the initial public offering (IPO) last night was priced at $16 per share. HNST stock opened today at $21.22, climbed as high as $23.88, and closed at $23.00.
  • The small-cap Russell 2000 was off by 0.3% to 2,241.
  • U.S. crude oil futures slipped marginally to end at $65.63 per barrel.
  • Gold futures gained 0.5% to settle at $1,784.30 an ounce.
  • The CBOE Volatility Index (VIX) declined by 2.1% to 19.08.
  • Bitcoin prices rebounded 4.5% to $57,105.99. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.)
stock chart for 050521stock chart for 050521

How to Get Out of This Holding Pattern

Even with the Dow at new highs, the broader market has been mired in mostly sideways action for weeks. Fortunately, investors looking to liven up their portfolios have quite a few options at their disposal.

Longer-term, you can find difference makers by looking at companies that are shaping the future via innovative technologies that could be with us for years to come. You can find a host of these among Argus Research’s best “innovator” picks.

In the shorter term, you can join in the reopening trade via oil stocks, travel plays and other clear beneficiaries of ramped-up vaccinations and looser COVID restrictions. But you can also do well by listening closely for the sound of sabers rattling.

Activist investors – Wall Street’s well-known (and often productive) malcontents – have made a name for themselves by taking significant stakes in underperforming companies and rallying shareholder votes to implement measures they believe will drive up their stocks’ value. Their mere involvement can put a charge into shares, and occasionally their successes do end up translating into stronger operations … and stronger returns.

Read on as we check out 13 such stocks that are currently getting the full-court press from Wall Street activists.

Source: kiplinger.com

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The Best Cities for Artists in America

No starving artists here: These cities are the best places for artists to live well and practice their craft.

Having access to art and culture is one of the best parts of living in a city. While it’s true that art is found and created anywhere — in cities, there are some definite benefits. Cities act as cultural hubs that draw both new and existing artistic talent. There is a feedback loop of inspiration that cities foster.

With people from many different cultures, backgrounds and walks of life living in close quarters, there is vibrant multiculturalism. Urban density makes it easy to try and experience many different things from theater to food. Artists feed off that creative energy. And when you also live surrounded by other creative individuals, you are constantly being inspired to create new work

But it takes more than that to make a city a great place for artists. It’s widely known that both historically and in modern times, artists are often underpaid for their work. That “starving artist” trope didn’t come from nowhere — artists still need to pay for things like rent and food. They still need to make a living in this world the same as everyone else.

That’s why, on top of a thriving cultural scene, artists need to live in a place that supports their passion and livelihood. That ranges from affordable housing for work and creation, walkability to get around to gigs and much more.

So if you’re an artist with a dream, these are the best cities for artists to create and live.

Finding the best cities for artists

Art is for everyone because there are so many different ways to create. You have visual mediums like painting, drawing or photography. There are performance arts like dancing or theater. And there are musicians across an incredible breadth of genres and instructions, from voice to electronic DJ.

Having a thriving artistic community makes a city a better place to live. There are shows and performances to go to, which improves the quality of life for residents and encourages tourism. But to have such a community, artists need to make a viable living in that city. Quality of life and cost of living for essentials like food and housing, plus affordable rent remain important for those looking to dive into their artist endeavors.

To determine the best cities for artists, we looked for cities with a good walk score and t the average price for studio apartments. Many artists need or want separate spaces to create and work in, same as with offices for other industries, so having affordable studios for rent is key.

We also looked for how many museums there are per density and how many artistic organizations were in the city by density. That included theaters, artistic collectives, performing arts centers and more. All cities also had a population of over 50,000.

The following 10 places emerged as the best cities for artists to live and work in.

10. Baltimore, MD

baltimore md

In recent years, Baltimore has risen the charts as one of the best cities for creatives. This is especially true for the visual arts.

There are more than 60 diverse museums within the area, and it’s the home of renowned museums like the Baltimore Art Museum and the Walters Art Museum. Their substantial collections feature historic art from around the world, as well as exciting contemporary work. The city also supports modern, experimental art in outdoor public spaces like the Glenstone museum and sculpture garden and Downtown Frederick Public Art Trail, making art accessible to all.

There are also ample opportunities in the performing arts. The city is home to seven different performing arts companies and numerous dance and music groups.

Living here, artists can enjoy an abundance of creative outlets and good, affordable quality of life. With an average city median income of $51,000, the average cost for a studio apartment is $1,346. This was down 8.3 percent from last year. That gives artists lots of choices for space, as well as affordable rates.

Baltimore also has good public transportation, and a high Walk Score of 72.

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9. St. Louis, MO

st louis mo

This city that was once the gateway to the West is now a gateway for artists to comfortably live and create in an up-and-coming art city. While it is not the most walkable city, there are many other benefits. The average rent for a studio apartment is $1,328 — with plenty of availability.

St. Louis has an especially good reputation for performing arts, with 14 performing art companies and ten dance companies. Performance venues like The Fabulous Fox, housed in a grand old movie theater, and the Center of Creative Arts give the community hubs to experience art. And the contemporary visual arts scene is also on the rise.

The public can appreciate art in outdoor spaces like Citygarden, and museums like the Grand Center and the St. Louis Art Museum boasts exceptional modern art collections. So there are plenty of places for artists to congregate and work together.

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8. Chicago, IL

chicago il

Chicago has a well-deserved reputation for being one of the United States’ best cities for art, alongside staples like Los Angeles and New York City. But of those two, Chicago is the only one to make it into the top 10 best cities for artists. This means it’s much more affordable than the other two, but still gives artists the creative stimulation they crave. It’s also the place where many greats get their start.

Chicago has many benefits — the downtown area is a dense urban grid, with a very high WalkScore of 84. For outlying areas, there’s excellent public transit. However, most art and culture institutions are downtown — from theaters to museums — so it’s a very centralized area. There are outdoor spaces like Millennium Park for fresh air, access to nature and art installations (hello, The Bean). Museums like the Art Institute of Chicago enjoy tremendous renown for their collections.

Plus, there are top-ranked performing arts opportunities, from theater to music to improv at Second City, one of the nation’s best comedy and improv schools. While average studio rent is $1,784, making it the second most expensive city for studios in the top 10, you’ll have access to world-renowned art institutions for learning and displaying your art.

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7. Berkeley, CA

berkeley ca

Although Berkeley is largely known as a center for engineering, science and tech due to UC Berkeley, art and culture are equally strong here. This city of over 121,000 has an incredibly diverse population. And the presence of the university invites fresh, young minds from around the world, feeding innovation and creativity.

Berkeley also feeds off of the cultural thrum of the surrounding Bay Area and nearby San Francisco.

But being in the tech-heavy Bay Area, life is expensive. A Berkeley studio costs an average of $2,250. This makes it the most expensive of the top ten cities. But on the upside, Berkeley is extremely walkable, making it easy to get to the many artistic opportunities that exist. Berkeley is especially known for its performing arts. It’s home to the Berkeley Repertory Theatre, a Tony-winning regional playhouse and other top theater and performance companies.

For visual artists, collectives like the ACCI Gallery and museums like Berkeley Art Museum and Pacific Film Archive exist. West Berkeley and the North Shattuck areas are especially popular artist neighborhoods.

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6. Philadelphia, PA

philadelphia pa

Aspiring and working artists priced out of New York have been turning to Philadelphia. This has made it one of the most exciting artistic hubs on the East Coast. Steeped in history, the city also buzzes with vibrant young minds and modern energy.

Rent and cost of living are significantly lower than in NYC. A studio costs, on average, $1,745. Two top art schools call Philly home: the Pennsylvania Academy of Fine Arts and Temple University’s Tyler School of Art.

And there is art everywhere, from museums to public spaces. The Philadelphia Art Museum is the third-largest in the U.S., and the Rodin Museum has one of the largest collections of his work outside Paris. Performing arts-wise, there is a great live music scene, especially for classical music thanks to the Philadelphia Orchestra.

The Avenue of the Arts acts as a hub, with performance spaces for everything from dance to experimental work. Dancers will also find a welcoming community here, as there are multiple esteemed dance companies.

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5. Seattle, WA

seattle wa

Seattle’s reputation for incredible live music needs no introduction. Grunge originated here, thanks to influential bands like Nirvana. And music and performance are still part of the lifeblood of the city. But there’s more to Seattle’s art scene than that.

There are over 80 theater companies and great dance companies like the Pacific Northwest Ballet. Galleries and small venues provide space for experimental, undercover art movements. But “mainstream” art also has a place here at museums and places like the Seattle Art Museum, Chihuly Garden and Glass and the Olympic Sculpture Park.

In Seattle, studio apartments run an average of $1,481. And this is down almost 14.2 percent from last year, so there is plenty of space available and demand.

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4. Washington, D.C.

Washington D.C.

The U.S. capital is a hotbed for history and art, which go hand in hand here. There are abundant museums and inspiring architecture everywhere you turn. But it’s not just about the past. There is also a thriving contemporary art community.

Check out spots like the Culture House DC, a 19th-century church painted in bold colors and now houses an artist collective. And there are frequent art festivals and performances of music, dance and theater.

If you’re an artist looking for a city with a lot of options for studios, D.C. is the place for you. The average rent is $1,686, plus it’s also a very pedestrian-friendly city that’s easy to navigate on foot.

All in all, D.C. offers a great emerging art scene in a city that’s affordable and safe, with plenty of history to inspire you.

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3. Pittsburgh, PA

pittsburgh

In 2018, Pittsburgh ranked as one of the top cities in America for artistic vibrancy. It’s no small wonder. Similar to Philadelphia, artists love the affordable cost of living — $1,194 for a studio.

In Pittsburgh, they’re finding world-class museums, outdoor festivals, creative collectives and performing arts companies that are pushing boundaries and generating buzz. Some must-visit spots include the Carnegie Museum of Art, the Andy Warhol Museum and The Mattress Factory.

Outside of town, you’ll also find Frank Lloyd Wright’s architectural masterpiece, Fallingwater.

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2. Minneapolis, MN

minneapolis mn

Coming in at No. 2 in the top 10 best cities for artists is one half of the Twin Cities itself: Minneapolis. Of course, this Midwest hub is well-known for its friendly residents, parks, lakes and outdoor access. But it also has fantastic opportunities for art.

Minneapolis has 55 different museums to visit, among them the eye-catching Weisman Art Museum. As a city that loves nature, lots of art is outdoors and open for everyone. Minneapolis is especially well-known for its vibrant murals, easily found all over the city. Oh, and of course, there’s a great music scene. What else would you expect from the home of Prince?

Add in low rent on studios, $1,236 on average, and you’ll discover why it’s no wonder so many artists find inspiration here.

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hartford ct

Topping the list of the best cities for artists is the Connecticut capital of Hartford. This scenic city celebrates both contemporary and historic art through its many institutions, from museums to collectives.

World-class touring performances come through at venues like the Bushnell Center for the Performing Arts. And local companies like TheaterWorks showcase contemporary work. The city is also committed to promoting diverse artists and voices. For example, the unique Artists Collective highlights the work of the African Diaspora. And the Real Art Ways organization supports experimental and new work in a variety of mediums.

Beyond the artistic community, Hartford is also very affordable for working artists. It boasts the cheapest prices for studio apartments — the average being $1,121.

Good quality and cost of living go a long way toward supporting an artist’s lifestyle. And if the urban scene isn’t sufficiently inspiring, Connecticut’s natural beauty is also sure to spark the imagination.

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The 50 best cities for artists

Now that you’ve seen the top 10, let’s branch out to discover even more cities that have created an atmosphere where artists can thrive and create. Please note, our methodology allows for ties.

Methodology

To find the best cities for artists, we used the following data points:

  • Performing arts businesses and establishments per density
  • Museums per density
  • Walk score
  • Average rent of a studio apartment

We looked at cities with at least 50,000 people according to the U.S. Census Bureau’s 2019 population estimates and ranked each city in each of these four categories. Then, we added up the rankings for each of the four categories to determine a final score for each city. Ties were allowed in our rankings. The cities with the lowest overall score were determined to be the best cities for artists.

We excluded cities from this study that had insufficient rental inventory or other data.

Business and establishment data comes from commercially sourced business listings. This may not account for recent business openings or closures.

Rent prices are based on a one-year rolling weighted average from Apartment Guide and Rent.com’s multifamily rental property inventory as of April 2021. Our team uses a weighted average formula that more accurately represents price availability for each unit type and reduces the influence of seasonality on rent prices in specific markets.

The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

Source: rent.com

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30-Year Fixed Mortgage Rate Hits Yet Another Record Low, Falls Below 3.2 Percent for the First Time

As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Abstract illustration of houses and charts

As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Mortgage rates fall to lowest levels in months.

“Mortgage rates fell slightly again this week, pushing rates to their lowest level since mid-to-late February,” said Zillow Economist Matthew Speakman. “With few surprising economic data or pandemic-related developments this week, mortgage rates and the bond yields that tend to influence them saw little reason to move significantly over the past seven days. Unlike stocks, bonds and mortgage rates brushed aside comments made by Treasury Secretary Janet Yellen, in which she suggested (but did not recommend) that interest rates will likely have to rise somewhat in order to ensure that the economy doesn’t overheat. But this period of relative calm will be put to the test in the coming days. April employment figures and inflation data, two key gauges of the economy’s path forward, are due this week, and stronger-than-expected readings of either – or both – reports will likely revert mortgage rates back upward.”

Additionally, the 15-year fixed mortgage rate was 2.09%, and for 5/1 ARMs, the rate was 2.38%.

Check Zillow for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

The weekly mortgage rate chart above illustrates the average 30-year fixed interest rate for the past week. Here’s a comprehensive look at the current mortgage rates for all loan types:

Today’s Average Rates for Conventional Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed 2.77% 2.82% 0.11%
20-Year Fixed 2.63% 2.71% 0.06%
15-Year Fixed 2.09% 2.17% 0.03%
10-Year Fixed 2.03% 2.15% -0.08%
7/1 ARM 2.22% 2.92% 0.26%
5/1 ARM 2.19% 3.04% 0.21%
3/1 ARM 0% 0% 0%

A 30-Year Fixed loan of $300,000 at 2.77% APR with a $75,000 down payment will have a monthly payment of $1,227. A 20-Year Fixed loan of $300,000 at 2.63% APR with a $75,000 down payment will have a monthly payment of $1,609. A 15-Year Fixed loan of $300,000 at 2.09% APR with a $75,000 down payment will have a monthly payment of $1,942. A 10-Year Fixed loan of $300,000 at 2.03% APR with a $75,000 down payment will have a monthly payment of $2,764. A 7/1 ARM loan of $300,000 at 2.22% APR with a $75,000 down payment will have a monthly payment of $1,141. A 5/1 ARM loan of $300,000 at 2.19% APR with a $75,000 down payment will have a monthly payment of $1,137. A 3/1 ARM loan of $0 at 0% APR with a $0 down payment will have a monthly payment of $0. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Government Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed FHA 2.4% 3.07% 0.17%
30-Year Fixed VA 2.47% 2.73% 0.12%
15-Year Fixed FHA 2.23% 2.93% 0.09%
15-Year Fixed VA 2.42% 2.89% 0.17%
5/1 ARM FHA 2.59% 2.97% 0.02%
5/1 ARM VA 3.17% 2.83% -0.27%

A 30-Year Fixed FHA loan of $300,000 at 2.4% APR with a $75,000 down payment will have a monthly payment of $1,170. A 30-Year Fixed VA loan of $300,000 at 2.47% APR with a $75,000 down payment will have a monthly payment of $1,180. A 15-Year Fixed FHA loan of $300,000 at 2.23% APR with a $75,000 down payment will have a monthly payment of $1,962. A 15-Year Fixed VA loan of $300,000 at 2.42% APR with a $75,000 down payment will have a monthly payment of $1,988. A 5/1 ARM FHA loan of $300,000 at 2.59% APR with a $75,000 down payment will have a monthly payment of $1,200. A 5/1 ARM VA loan of $300,000 at 3.17% APR with a $75,000 down payment will have a monthly payment of $1,291. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Jumbo Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed Jumbo 3.2% 3.25% 0.09%
20-Year Fixed Jumbo 3.28% 3.32% 0.25%
15-Year Fixed Jumbo 2.81% 2.89% 0.11%
10-Year Fixed Jumbo 2.5% 2.6% 0.1%
7/1 ARM Jumbo 2.68% 3.17% -0.35%
5/1 ARM Jumbo 2.75% 3.21% -0.25%
3/1 ARM Jumbo 2.14% 2.74% 0%

A 30-Year Fixed Jumbo loan of $600,000 at 3.2% APR with a $150,000 down payment will have a monthly payment of $2,595. A 20-Year Fixed Jumbo loan of $600,000 at 3.28% APR with a $150,000 down payment will have a monthly payment of $3,411. A 15-Year Fixed Jumbo loan of $600,000 at 2.81% APR with a $150,000 down payment will have a monthly payment of $4,089. A 10-Year Fixed Jumbo loan of $600,000 at 2.5% APR with a $150,000 down payment will have a monthly payment of $5,656. A 7/1 ARM Jumbo loan of $600,000 at 2.68% APR with a $150,000 down payment will have a monthly payment of $2,428. A 5/1 ARM Jumbo loan of $600,000 at 2.75% APR with a $150,000 down payment will have a monthly payment of $2,449. A 3/1 ARM Jumbo loan of $600,000 at 2.14% APR with a $150,000 down payment will have a monthly payment of $2,259. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Source: zillow.com

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5 Ways to Perfect Your Credit Score

If you’re trying to perfect your credit score, it’s important to first understand what makes up your credit report and credit score. Your credit score is determined by an advanced algorithm which was developed by FICO and pulls the data from your credit report to determine your score. When calculating your credit score, the following information is going to affect your credit score in the corresponding percentages:

  • 35 percent: History of on-time or late payments of credit.
  • 30 percent: Available credit on your open credit cards
  • 15 percent: The age of your lines of credit (old = good)
  • 10 percent: How often you apply for new credit.
  • 10 percent: Variable factors, such as the types of open credit lines you have

Many of this may be common sense or information that you’ve already learned over time, resulting in a good credit score but possibly not a perfect score. If you have a bad credit score, it could take a lot of time and work to perfect your score and you may first want to consider repairing your credit. If your credit score is already above 700 but you’re trying to shoot for that perfect score of 850 to ensure the best deals and interest rates, here are 5 ways to perfect your credit score:

1. Maintaining Debt-To-Limit Ratio

To perfect your credit score, it’s recommended that you keep your debt-to-credit ratio below 30% and, if possible, as low as 10%. The debt-to-limit ratio is the difference between how much you owe on a credit card versus how much your credit limit is. For example, if one of your credit cards has a credit limit of $5,000, then you should always keep the balance below $1,500 but preferably around $500. As you can see above, 30% of your credit score is determined by the available credit on your open credit cards, so keeping the debt-to-limit ratio will increase your available credit and also show that you’re responsible with your credit.

2. Keep Your Credit Cards Active

Make sure that you use your cards at least once a year to keep them shown as “active” credit and make sure that you never cancel your credit cards. 15% of your credit score is determined by the age of your lines of credit, so you should always keep your credit cards active to lengthen the age of your line of credit. Many people tend to cancel cards that they no longer use – many times because the rates aren’t very good or because they have another card with better benefits – but even if you don’t use the cards very often (just once a year is fine), you should keep them active. Typically, someone with a credit score over 800 has credit lines with at least 10 years of positive activity.

3. Always Pay Bills On Time

Probably the most well-known factor of a credit score and the factor that has the biggest impact on your credit score (35% of your score) is your history of paying your credit payments on-time. If you have a history of always making your credit card, mortgage, and car payments on time, you will greatly improve your credit score. This can also have an adverse effect as well, should you ever make a late payment. Unfortunately, it only takes one late payment to severely reduce your credit score so it’s crucial that you make sure to always make credit payments on time.

4. Dispute Errors On Your Credit Report

If you don’t already, make sure that you request a copy of your credit report once every year and review it for errors. It is actually quite common for credit reports to contain errors which can be disputed and potentially allow you to have negative items removed from your credit report. If, for instance, your credit report shows a late payment on a credit card but contained errors in the record, you can dispute the negative item and request to have it removed from your report. Having a negative item, like a late payment, removed from your report can improve your credit score significantly. While disputing errors on your credit report can be tedious and take a lot of time, it is usually worth it. Another option would be to contact a credit repair agency to help you dispute any negative items on your credit report.

5. Reduce The Number of Credit Inquiries

While this may only affect 10% of your credit score, keeping the number of credit inquiries down can still help to build that perfect credit score but is often ignored. You should never have more than one credit inquiry per year but many people do not realize how often this is done and often times have their credit checked more than once per year. If you’re applying for a car loan, checking your credit score online, or applying for a new credit card, these type of actions will almost always result in a credit inquiry and should be avoided if you’ve already had a credit inquiry earlier in the year. Make sure you do your research on what will result in a credit inquiry so that you don’t accidentally have more than one a year without realizing it.

Source: creditabsolute.com

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30-Year Fixed Mortgage Rate Holds Steady

As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Abstract illustration of houses and charts

As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Mortgage rates fall to lowest levels in months.

“Mortgage rates fell slightly again this week, pushing rates to their lowest level since mid-to-late February,” said Zillow Economist Matthew Speakman. “With few surprising economic data or pandemic-related developments this week, mortgage rates and the bond yields that tend to influence them saw little reason to move significantly over the past seven days. Unlike stocks, bonds and mortgage rates brushed aside comments made by Treasury Secretary Janet Yellen, in which she suggested (but did not recommend) that interest rates will likely have to rise somewhat in order to ensure that the economy doesn’t overheat. But this period of relative calm will be put to the test in the coming days. April employment figures and inflation data, two key gauges of the economy’s path forward, are due this week, and stronger-than-expected readings of either – or both – reports will likely revert mortgage rates back upward.”

Additionally, the 15-year fixed mortgage rate was 2.09%, and for 5/1 ARMs, the rate was 2.38%.

Check Zillow for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

The weekly mortgage rate chart above illustrates the average 30-year fixed interest rate for the past week. Here’s a comprehensive look at the current mortgage rates for all loan types:

Today’s Average Rates for Conventional Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed 2.79% 2.84% 0.09%
20-Year Fixed 2.66% 2.73% 0.04%
15-Year Fixed 2.1% 2.19% 0.02%
10-Year Fixed 2.03% 2.15% -0.08%
7/1 ARM 2.24% 2.94% 0.24%
5/1 ARM 2.27% 3.08% 0.17%
3/1 ARM 0% 0% 0%

A 30-Year Fixed loan of $300,000 at 2.79% APR with a $75,000 down payment will have a monthly payment of $1,231. A 20-Year Fixed loan of $300,000 at 2.66% APR with a $75,000 down payment will have a monthly payment of $1,612. A 15-Year Fixed loan of $300,000 at 2.1% APR with a $75,000 down payment will have a monthly payment of $1,944. A 10-Year Fixed loan of $300,000 at 2.03% APR with a $75,000 down payment will have a monthly payment of $2,764. A 7/1 ARM loan of $300,000 at 2.24% APR with a $75,000 down payment will have a monthly payment of $1,144. A 5/1 ARM loan of $300,000 at 2.27% APR with a $75,000 down payment will have a monthly payment of $1,149. A 3/1 ARM loan of $0 at 0% APR with a $0 down payment will have a monthly payment of $0. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Government Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed FHA 2.41% 3.07% 0.16%
30-Year Fixed VA 2.49% 2.75% 0.1%
15-Year Fixed FHA 2.23% 2.94% 0.08%
15-Year Fixed VA 2.42% 2.89% 0.17%
5/1 ARM FHA 2.59% 2.97% 0.02%
5/1 ARM VA 3.09% 2.77% -0.22%

A 30-Year Fixed FHA loan of $300,000 at 2.41% APR with a $75,000 down payment will have a monthly payment of $1,170. A 30-Year Fixed VA loan of $300,000 at 2.49% APR with a $75,000 down payment will have a monthly payment of $1,183. A 15-Year Fixed FHA loan of $300,000 at 2.23% APR with a $75,000 down payment will have a monthly payment of $1,962. A 15-Year Fixed VA loan of $300,000 at 2.42% APR with a $75,000 down payment will have a monthly payment of $1,989. A 5/1 ARM FHA loan of $300,000 at 2.59% APR with a $75,000 down payment will have a monthly payment of $1,200. A 5/1 ARM VA loan of $300,000 at 3.09% APR with a $75,000 down payment will have a monthly payment of $1,279. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Jumbo Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed Jumbo 3.24% 3.28% 0.06%
20-Year Fixed Jumbo 3.3% 3.34% 0.23%
15-Year Fixed Jumbo 2.83% 2.9% 0.09%
10-Year Fixed Jumbo 2.5% 2.6% 0.1%
7/1 ARM Jumbo 2.65% 3.1% -0.28%
5/1 ARM Jumbo 2.66% 3.15% -0.18%
3/1 ARM Jumbo 2.14% 2.74% 0%

A 30-Year Fixed Jumbo loan of $600,000 at 3.24% APR with a $150,000 down payment will have a monthly payment of $2,606. A 20-Year Fixed Jumbo loan of $600,000 at 3.3% APR with a $150,000 down payment will have a monthly payment of $3,416. A 15-Year Fixed Jumbo loan of $600,000 at 2.83% APR with a $150,000 down payment will have a monthly payment of $4,093. A 10-Year Fixed Jumbo loan of $600,000 at 2.5% APR with a $150,000 down payment will have a monthly payment of $5,656. A 7/1 ARM Jumbo loan of $600,000 at 2.65% APR with a $150,000 down payment will have a monthly payment of $2,418. A 5/1 ARM Jumbo loan of $600,000 at 2.66% APR with a $150,000 down payment will have a monthly payment of $2,420. A 3/1 ARM Jumbo loan of $600,000 at 2.14% APR with a $150,000 down payment will have a monthly payment of $2,259. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Source: zillow.com

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10 Cities Near Philadelphia To Live in 2021

The brilliant city of Philadelphia is a wonderful place to work and play. But city living isn’t the life for everyone.

Fortunately, the region – known as the Delaware Valley — has a slew of options for incredible boroughs, towns and cities near Philadelphia in which to live. These spots offer a wide range of entertainment, dining, nightlife, recreation and comfortable apartments.

Of all the incredible places to live within easy commuting distance of Philadelphia, it’s hard to narrow down to a top 10. But we are sure you’ll find these 10 cities near Philadelphia — all within five to 25 miles of Center City and listed by distance from the city — perfect places to call home.

  • Haddon Township, NJ
  • Ardmore, PA
  • Conshohocken, PA
  • Hatboro, PA
  • King of Prussia, PA
  • Langhorne, PA
  • Phoenixville, PA
  • West Chester, PA
  • Wilmington, DE
  • Doylestown, PA

Haddon Township, NJ facing the City Center in Philadelphia.Haddon Township, NJ facing the City Center in Philadelphia.

  • Distance from downtown: 7.0 miles
  • One-bedroom average rent: $1,530 (down 3.38 percent since last year)
  • Two-bedroom average rent: $1,713 (down 13.88 percent since last year)

In New Jersey, townships are full-fledged municipalities, and Haddon Township is one of the region’s best cities near Philadelphia. Just 10 or so minutes from the Ben Franklin Bridge to Center City Philadelphia, the township offers both the quiet of a suburb and a main street that rivals any in the state for drinking and dining options.

Bustling Haddon Avenue in the downtown Westmont section is a mile-long stretch featuring some bakeries, cheesesteak joints, pasta shops, pizza places, taquerias, bars and taverns. Farther out, chain dining and big box stores line White and Black Horse pikes.

Haddon also offers plenty of green space, from Cooper River Park in the north along the lake to Newton Lake Park and Saddler’s Woods on the south.

Public transportation into Philly is a snap with Westmont Station a direct link via PATCO with park-and-ride facilities.

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Ardmore, PA. Ardmore, PA.

Photo source: Apartment Guide / One Ardmore Place
  • Distance from downtown: 7.7 miles
  • One-bedroom average rent: $1,357 (down 61.90 percent since last year)
  • Two-bedroom average rent: $2,552 (down 35.50 percent since last year)

Among swanky locales like Bryn Mawr, Villanova and Gladwyne, Ardmore is the iconic Philadelphia Main Line’s most accessible city to everyday folk.

Ardmore’s median income comes in at a tenth that of some of the region’s richest communities and is a much cheaper home value. But Ardmore is also less insular. The city is a destination for visitors and day-trippers from across the Delaware Valley.

Ardmore splits down the middle between Montgomery and Delaware Counties and Haverford and Lower Merion Townships. Its backbone is busy Lancaster Avenue that offers retail shopping, trendy restaurants and the 500-capacity Ardmore Music Hall, one of the area’s top concert clubs.

While other Main Line towns shun outsiders, the hum of Lancaster Avenue feels welcoming to all.

And on the north end of town is one of the region’s best spots for retail therapy or even just window shopping. Suburban Square is a six-square-block upscale outdoor shopping plaza. Dating back to the 1920s, the square is one of the nation’s oldest planned shopping centers.

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Conshockocken, PA, one of the cities near philadelphiaConshockocken, PA, one of the cities near philadelphia

Photo source: Conshohocken Borough / Facebook
  • Distance from downtown: 12.6 miles
  • One-bedroom average rent: $1,705 (down 7.82 percent since last year)
  • Two-bedroom average rent: $2,265 (up 7.69 percent since last year)

Throughout its history, Conshohocken has always held an important geographic location. Sitting at one of the largest bends of the Schuylkill River, the land was originally a large milling region along rail and shipping lines.

As interstates went up, the region morphed into a factory industrial center. As manufacturing declined, it was those same highways that turned “Conshy” into one of the most desirable suburban-chic and cosmopolitan residential commuter communities in the city.

Conshohocken lies between the I-476 Blue Route and I-76 Schuylkill Expressway at the “Conshohocken Curve.” As industry left, easy access to the region’s two major highways transformed it into a hub for upper-middle-class commuters into the city, especially as apartment complexes and mid-priced high-rise rental towers rose.

And as the population increased, so did the enclave which features shopping and dining spots and many glittering hotels.

The shoreline also features a section of the running and biking Schuylkill River Trail path.

Nearby, Conshohocken’s Fayette Street main street is popular among its young professional population, with a median age of 32 with 63 percent single. The downtown strip offers a selection of quaint boutiques, eateries and cafes, as well as a variety of notable bars.

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Hatboro, PA.Hatboro, PA.

Photo source: Apartment Guide / Livingstone Apartments
  • Distance from downtown: 15.9 miles
  • One-bedroom average rent: N/A
  • Two-bedroom average rent: $1,695 (up 9.18 percent since last year)

Eastern Montgomery County has just a few towns with true main streets, but one of the best of the bunch is Hatboro. The borough sits along the Bucks County border, a suburban town settled among some residential communities.

Hatboro is known for its plethora of parks and green spaces, including the popular Hatboro Memorial Park and Memorial Pool. But its growing notoriety as a suburban craft beer lovers’ destination is what’s gaining prominence.

In the heart of the Craft Beer Trail of Greater Philadelphia, Hatboro offers Crooked Eye Brewery and Artifact Brewing, both opened within the last several years.

The breweries sit along York Road, Hatboro’s main street. The corridor also offers many bars and gastropubs, vintage clothing stores, hoagie shops and produce grocers, cafés and popular bakeries and Daddypops diner, a favorite of Food Network’s Guy Fieri.

The borough is also convenient for commuters, with Hatboro station along the Warminster Line to Center City just off York Road.

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King of Prussia, PA, one of the cities near philadelphiaKing of Prussia, PA, one of the cities near philadelphia

  • Distance from downtown: 16.9 miles
  • One-bedroom average rent: $2,204 (up 5.44 percent since last year)
  • Two-bedroom average rent: $2,544 (up 0.81 percent since last year)

To speak like a true Philadelphian, pronounce the name of the city of King of Prussia the proper way, “Kingaprusha.”

If you’re familiar with the western Montgomery County city, it’s most likely for one thing: its megamall. The King of Prussia mall is massive, at 2.8 million square feet and 450 stores. It’s the third-largest mall in the nation behind only the Mall of America and the new American Dream in New Jersey.

This central town nestles right along the Schuylkill River — between four major thoroughfares: the Pennsylvania Turnpike, I-76 Schuylkill Expressway, and U.S. Routes 202 and 422. Sitting between renowned Valley Forge Historical Park and county seat Norristown, King of Prussia is both a popular commuter city and an important edge city in its own right.

One key location in KOP is the King of Prussia Town Center. Opened in 2016, the large planned lifestyle development has become a hub of residential activity in town. Acting as the city’s downtown, Town Center offers a bevy of apartments and townhouses at Village at Valley Forge with mixed-use and office space, upscale department stores and a Wegman’s grocery, retail shops and several new restaurants and bars.

Nearby are several office parks, Upper Merion High School and the Valley Forge Casino Resort.

The area is growing so quickly, local transportation authority SEPTA is developing a $2 billion regional rail line to directly connect King of Prussia with University City and Center City Philly.

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Langhorne, PA.Langhorne, PA.

  • Distance from downtown: 22.0 miles
  • One-bedroom average rent: $1,413 (down 1.55 percent since last year)
  • Two-bedroom average rent: $1,691 (up 6.72 percent since last year)

One thing you can have living in the suburbs that you usually don’t in the middle of a city is an amusement park down the street. That’s one of the features of living in the borough of Langhorne and adjoining Middletown Township. Here you’ll find Sesame Place, the Sea World-owned young children’s Sesame Street theme park.

Langhorne borough proper and surrounding Middletown Township are collectively referred to as Langhorne.

The area is an important business and shopping center along Neshaminy Creek in charming Bucks County. Along with numerous national chains and big box stores, a myriad of service centers, retail shops and old-school restaurants line Pine Street and Maple Avenue.

In addition, the borough features a quaint historic district dating back to the 19th century. Sitting just off the I-295 beltway, Langhorne is a popular bedroom community for commuters to Trenton as well as Philadelphia.

The expansive Middletown Country Club splits the borough, with the multistory Oxford Valley Mall out in the Township. And surrounding Lake Luxembourg is the expansive 1,200-acre Core Creek Park. The region offers a variety of housing options, from affordable apartments to large suburban mansions.

Several locations still offer 1950s style tract housing leftover from the expansion of the nearby Levittown planned community.

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Phoenixville, PA, one of the cities near philadelphiaPhoenixville, PA, one of the cities near philadelphia

Photo source: Borough of Phoenixville / Facebook
  • Distance from downtown: 23.9 miles
  • One-bedroom average rent: $1,229 (down 14.82 percent since last year)
  • Two-bedroom average rent: $1,426 (down 12.71 percent since last year)

In 1958, a large gelatinous alien creature was let loose and devoured dozens of residents of Phoenixville, Pennsylvania. That of course only happened on screen, in the Steve McQueen horror classic “The Blob,” which filmed and took place in the Chester County suburb.

The movie features a famous scene where terrified residents flee the alien out the Colonial Theater’s doors. That real-life theater is the centerpiece of Phoenixville’s Bridge Street main street as well as the annual Blobfest which celebrates the landmark film.

But as important as the film is, younger residents will tell you it’s the craft beer scene that makes Phoenixville special. After languishing for years as a rundown mill town, a revitalization plan included a call for brewers to set up shop. Today the city of just 17,000 offers 10 craft breweries.

On Bridge Street alone are four breweries, along with a tap house, a distillery and three winery tasting rooms. That collection gives downtown Phoenixville the distinction of having the most breweries per square foot of any place in the nation.

For residents, Phoenixville is more than just beer and blobs. Its absolutely teeming downtown along Bridge Street has boomed with pizzerias and bistros, coffee and smoke shops and boutiques and galleries.

Phoenixville Area High School offers a high ranking and a 15:1 student-teacher ratio. And many parks and green spaces dot the region, including the large Black Rock Sanctuary wildlife refuge along the Schuylkill River bend that also features Basin Trail for hiking and biking. The Schuylkill River Trail also crosses the borough, along French Creek.

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West Chester, PA. West Chester, PA.

  • Distance from downtown: 25.0 miles
  • One-bedroom average rent: $1,631 (down 1.23 percent since last year)
  • Two-bedroom average rent: $2,095 (up 7.54 percent since last year)

A little under 25 miles from Center City, West Chester is a more affordable alternative to the nearby Main Line. The seat of Chester County offers a selection of bars, restaurants and shops in its surprising downtown along Gay and Market streets.

Local businesses are accessible, catering to the borough’s young, affluent residents as well as budget-conscious clientele. Need proof? West Chester’s downtown sits on the top-three list of “Great American Main Streets.”

West Chester is a more affordable, younger enclave surrounded by old-money communities like Malvern, Kennett Square and Chadds Ford, with swaths of an urban-rural buffer.

The borough offers high-ranked schools and an average age of just 24.9 years old. A vibrant part of that young community is West Chester University, ranked a Top 10 Public Regional University by U.S. News.

Why is West Chester attractive to young professionals? Perhaps it’s the borough’s title as “Most Exciting Place” in all of eastern Pennsylvania. It’s a locale to meet new people, as the state’s second-most densely populated city, fifth-best for nightlife and fifth-best spot to lead an active lifestyle.

Or maybe it’s because it’s the world headquarters of the QVC shopping network.

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Wilmington, DE. Wilmington, DE.

  • Distance from downtown: 26.2 miles
  • One-bedroom average rent: $1,186 (down 14.08 percent since last year)
  • Two-bedroom average rent: $1,477 (up 1.09 percent since last year)

Look behind Pennsylvania and New Jersey to find the best cities near Philadelphia — don’t forget about Delaware!

Wilmington is certainly having a moment. While the previous president spent his weekends at swanky Mar-a-Lago or Bedminster golf club, the current chief executive has been taking his off weekends back in his home state of Delaware. President Biden famously grew up in and around Wilmington and is known to have commuted back to his residence weekly dating back to his earliest days as the Diamond State’s senator.

Wilmington, despite being the largest city in a completely different state, is just a half-hour drive from Center City Philly. But it’s the finance industry that fuels the economy of the Corporate City.

The 1980s Financial Center Development Act liberalized financial regulations in Delaware, removing usury laws and interest rate caps. This caused financial and insurance corporations from around the world to set up shops in Wilmington.

An attractive city to big money employers is an attractive city to its white-collar workers. And one of the favorite locals is the Christina River waterfront. Popular waterfront spots include the Blue Rocks’ Frawley Stadium, the Delaware Children’s Museum, a convention center, a movie theater, parks, trails, hotels and a slew of cafes, restaurants and bars.

And for those concerned about Wilmington’s less-than-stellar crime safety record, there is good news. The city reports being “safer now than it’s ever been.” The city is noting its lowest crime rate in recent history.

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dolyestown, PA, one of the cities near philadelphiadolyestown, PA, one of the cities near philadelphia

Photo source: Doylestown Township / Facebook
  • Distance from downtown: 27.2 miles
  • One-bedroom average rent: $1,408 (up 25.06 percent since last year)
  • Two-bedroom average rent: $1,999 (up 9.93 percent since last year)

Gateway to the colonial-estate-and-covered-bridge tourism lands of Upper Bucks, Doylestown is the charming exurban seat of Bucks County.

The borough offers a slew of cultural and entertainment options not usually found in a town of under 9,000, about an hour commute from Center City by either train or car.

Doylestown has one of the densest gatherings of museums out of all of the cities near Philadelphia. James Michener Art Museum (named for the native son author), the Moravian Pottery and Tile Works, the Mercer Museum and Oscar Hammerstein II Farm (the final residence of its namesake) can all be found here.

Just off the center of town is the historic art deco movie house County Theater which shows blockbusters and arthouse films alike.

Elsewhere in Doylestown’s downtown along State and Main streets are quaint thrift shops, big city-worthy restaurants, bookstores, coffee shops and brewpubs.

For those seeking a more natural setting, just as appealing is the natural beauty of rural Bucks County just outside of town, packed with hiking trails, bike paths, water recreation and nature watching. Favorite spots include urban 108-acre Central Park and wooded 1,500-acre Peace Valley Park.

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Make one of these cities near Philadelphia your next home

No matter where you decide to call home, you can’t go wrong with any of the amazing cities near Philadelphia you might choose.

Whether in Bucks, Montgomery, Chester or Delaware Counties, across the river in South Jersey or down I-95 in Delaware, you’ll have tons to do all within a short commute into the city.

Rent prices are based on a rolling weighted average from Apartment Guide and Rent.com’s multifamily rental property inventory of one-bedroom apartments in April 2021. Our team uses a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

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Source: apartmentguide.com

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30-Year Fixed Mortgage Rate Hovers Above All-Time Low

As of April 28, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.78%.

Abstract illustration of houses and charts

As of April 28, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.78%.

Mortgage rates fall despite strong economic data reports.

“Mortgage rates fell again this week, continuing the downward trend they’ve exhibited for most of April,” said Zillow Economist Matthew Speakman. “In what was a relatively unremarkable week for mortgage rates, the modest movement was partially driven by discussions about a proposed increase in capital gains tax rates – which placed downward pressure on bond yields and thus rates – and anticipation of a key announcement by the Federal Reserve. Fed Chair Jerome Powell reiterated on Wednesday that the Central Bank has no immediate plans to increase interest rates or curb the purchases of mortgage-backed securities – a position that placed more downward pressure on bond yields and is likely to result in more mortgage decreases in the coming days. Looking ahead, with a slew of key economic reports on the horizon – including consumer spending and inflation data – the relatively muted mortgage rate activity from the past couple weeks may transition to more significant movements.”

Additionally, the 15-year fixed mortgage rate was 2.11%, and for 5/1 ARMs, the rate was 2.55%.

Check Zillow for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

The weekly mortgage rate chart above illustrates the average 30-year fixed interest rate for the past week. Here’s a comprehensive look at the current mortgage rates for all loan types:

Today’s Average Rates for Conventional Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed 2.8% 2.85% 0.08%
20-Year Fixed 2.66% 2.73% 0.03%
15-Year Fixed 2.1% 2.19% 0.02%
10-Year Fixed 2.01% 2.15% -0.08%
7/1 ARM 2.28% 2.96% 0.22%
5/1 ARM 2.34% 3.1% 0.15%
3/1 ARM 0% 0% 0%

A 30-Year Fixed loan of $300,000 at 2.8% APR with a $75,000 down payment will have a monthly payment of $1,232. A 20-Year Fixed loan of $300,000 at 2.66% APR with a $75,000 down payment will have a monthly payment of $1,613. A 15-Year Fixed loan of $300,000 at 2.1% APR with a $75,000 down payment will have a monthly payment of $1,944. A 10-Year Fixed loan of $300,000 at 2.01% APR with a $75,000 down payment will have a monthly payment of $2,762. A 7/1 ARM loan of $300,000 at 2.28% APR with a $75,000 down payment will have a monthly payment of $1,151. A 5/1 ARM loan of $300,000 at 2.34% APR with a $75,000 down payment will have a monthly payment of $1,159. A 3/1 ARM loan of $0 at 0% APR with a $0 down payment will have a monthly payment of $0. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Government Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed FHA 2.33% 2.99% 0.24%
30-Year Fixed VA 2.54% 2.81% 0.05%
15-Year Fixed FHA 2.11% 2.85% 0.17%
15-Year Fixed VA 2.53% 3.02% 0.04%
5/1 ARM FHA 2.6% 2.97% 0.02%
5/1 ARM VA 3.06% 2.75% -0.19%

A 30-Year Fixed FHA loan of $300,000 at 2.33% APR with a $75,000 down payment will have a monthly payment of $1,159. A 30-Year Fixed VA loan of $300,000 at 2.54% APR with a $75,000 down payment will have a monthly payment of $1,191. A 15-Year Fixed FHA loan of $300,000 at 2.11% APR with a $75,000 down payment will have a monthly payment of $1,946. A 15-Year Fixed VA loan of $300,000 at 2.53% APR with a $75,000 down payment will have a monthly payment of $2,004. A 5/1 ARM FHA loan of $300,000 at 2.6% APR with a $75,000 down payment will have a monthly payment of $1,200. A 5/1 ARM VA loan of $300,000 at 3.06% APR with a $75,000 down payment will have a monthly payment of $1,273. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Jumbo Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed Jumbo 3.22% 3.27% 0.07%
20-Year Fixed Jumbo 3.29% 3.33% 0.24%
15-Year Fixed Jumbo 2.86% 2.94% 0.06%
10-Year Fixed Jumbo 2.52% 2.6% 0.1%
7/1 ARM Jumbo 2.68% 3.07% -0.25%
5/1 ARM Jumbo 2.61% 3.06% -0.09%
3/1 ARM Jumbo 2.14% 2.74% 0%

A 30-Year Fixed Jumbo loan of $600,000 at 3.22% APR with a $150,000 down payment will have a monthly payment of $2,602. A 20-Year Fixed Jumbo loan of $600,000 at 3.29% APR with a $150,000 down payment will have a monthly payment of $3,414. A 15-Year Fixed Jumbo loan of $600,000 at 2.86% APR with a $150,000 down payment will have a monthly payment of $4,102. A 10-Year Fixed Jumbo loan of $600,000 at 2.52% APR with a $150,000 down payment will have a monthly payment of $5,660. A 7/1 ARM Jumbo loan of $600,000 at 2.68% APR with a $150,000 down payment will have a monthly payment of $2,427. A 5/1 ARM Jumbo loan of $600,000 at 2.61% APR with a $150,000 down payment will have a monthly payment of $2,406. A 3/1 ARM Jumbo loan of $600,000 at 2.14% APR with a $150,000 down payment will have a monthly payment of $2,259. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Source: zillow.com