Interest Rate
6.509%
APR*
6.612%
Average home price
$194.603

If you want to purchase a home in Pennsylvania, you’ll want to make certain you land the best mortgage rate possible.Your rate will vary, depending on a range of criteria, such as your annual income, your debt-to-income ratio, the amount of money you plan to use as a down payment, and your credit score.

To ensure the best Pennsylvania mortgage rate, you need to be prepared. Several things you can do to get ready are to check your credit score before you apply for the loan, gather the necessary documents before you speak to a loan officer, and obtain preapproval from a professional mortgage lender for your loan.

Here’s a quick look at current Pennsylvania mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.509% 6.612% +0.15%
Conventional 20 year fixed 6.705% 6.847% +0.44%
Conventional 15 year fixed 5.64% 5.858% +0.13%
Conventional 10 year fixed 5.2% 5.404% Unchanged
Conventional 7 year ARM 5.968% 5.717% +0.15%
Conventional 5 year ARM 5.754% 5.547% +0.1%
VA 30 year fixed 6.102% 6.43% +0.54%
VA 20 year fixed 5.25% 5.773% Unchanged
VA 15 year fixed 5.11% 5.657% Unchanged
VA 5 year ARM 4.75% 5.769% Unchanged

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Pennsylvania

Are you considering buying a home in Pennsylvania? The Keystone State may be the place you find your dream home. Here’s what you need to know about the state.

Pennsylvania has a population that has topped 12.7 million persons, and more than one in ten live in Philadelphia. One in twenty live in the state’s next largest cities (which don’t include Harrisburg, the state capital):

  • Philadelphia
  • Pittsburgh
  • Allentown
  • Erie
  • Reading
  • Scranton

Next, it’s time to calculate how much home you can afford. Pennsylvania ranks 33rd in US homes for sale at average price, and 16th for homes over $1,000,000. If you want to plan your budget before you go look at houses, loan preapproval is key.

First-time Homebuyers

First-time homebuyers may qualify for a program administered by the Pennsylvania Housing Finance Agency (PHFA), offering 30-year, fixed-rate mortgages with affordable interest rates and fewer fees.

The HOMEstead Downpayment and Closing Cost Assistance Loan can provide between $1,000 and $10,000 in down payment and closing cost assistance as a no-interest second mortgage loan that is forgiven over five years at 20% per year.

The Keystone Advantage Assistance Loan Program offers an interest-free second mortgage for up to 4% of the home price or $6,000, whichever is lower. This can be used toward the down payment or closing costs, and has an easy 10-year repayment schedule.

Some requirements apply to these programs:

  • Minimum credit score of 660
  • Proceeds must be used for the down payment or closing costs
  • Minimum loan of $500

Refinancing in Pennsylvania

If it’s time to refinance a home in Pennsylvania so that you can take advantage of favorable Pennsylvania mortgage rates, here are some strategies to consider:

  • Refinance to eliminate private mortgage insurance, or PMI
  • Refinance in order to lock in a better interest rate
  • Refinance so you can cash out equity from your home
  • Refinance your loan so that it has a longer term

You may be qualified to apply for a streamlined refinance depending on your current loan type. Ask your lender for more information.

GUIDES

Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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