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Mortgage rates in Pennsylvania
The state that’s been above the national average for 10+ years.
Homeownership in Pennsylvania is historically higher than the national average, supported by mortgages across rural and metropolitan areas. For about 12 years running, mortgage rates in the Keystone State have averaged 4.651% — slightly higher than the national average. And it looks like they’ll stay around the 4% mark into 2020.
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How much do Pennsylvania rates vary?
Average 30-year fixed-rate mortgages in Pennsylvania ranged from 4.599% to 4.706% in 2018.
Among the factors that affect your interest rate is the type of loan you qualify for. If you can qualify for a mortgage that’s subsidized by the government, you’ll find rates that are lower than the average rate for a conventional mortgage.
2018 average rates in Pennsylvania by loan
|Loan type||15-year average rate||30-year average rate|
Rates based on data from ffiec.cfpb.gov.
A 30-year USDA mortgage on a rural property valued at $155,000 might run you some $790 a month at an average rate of 4.580%. A conventional loan for the same property might run you about $800 a month at a rate of 4.706%. While $10 a month doesn’t sound like a big difference, it adds up to an extra $4,210 in interest payments over the life of your loan.
Talk with a loan officer to learn whether you or your home qualifies for a government-backed homeownership program.
Which way are rates trending in Pennsylvania?
Rates in the Keystone State are expected to stay above 4% in 2020.
Its rates reflect a difference of about 0.05% higher than the rest of the country over the past decade.
Compare mortgage rates throughout Pennsylvania
Pennsylvania is bursting with diverse metropolitan areas. Each offers a slightly different average mortgage rate, which means borrowers in Philly will likely end up paying a higher monthly amount than for the same property in Youngstown.
We combed through data in the Home Mortgage Disclosure Act to determine what homebuyers might pay on a 30-year fixed-rate mortgage in metropolitan areas throughout Pennsylvania. These numbers do not include insurance or extra costs associated with your loan.
|Metropolitan statistical area (MSA)||Average mortgage rate||Median loan amount||Estimated monthly cost|
|Allentown MSA (Carbon, Lehigh and Northampton Counties)||4.817%||$175,000||$920|
|Philadelphia MSA (Bucks, Chester and Montgomery Counties)||4.649%||$275,000||$1,420|
|Newark MSA (Pike County)||4.859%||$145,000||$770|
|Philadelphia MSA (Delaware and Philadelphia Counties)||4.731%||$195,000||$1,010|
|Youngstown MSA (Mercer County)||4.725%||$115,000||$600|
Rates and amounts based on data from ffiec.cfpb.gov.
How to get the best mortgage rate in Pennsylvania
Increase your chances of qualifying for a better rate — and better prepare for total costs — by paying down debts and shopping around:
- Compare loan products. Lenders assign different interest rates to its loan programs. Learn about the loans you might qualify for to better compare terms and rates.
- Improve your credit. Generally, the lower your debt-to-income ratio, the stronger your credit profile. Lenders often reserve their best rates for borrowers with excellent credit.
- Don’t forget the closing costs. You can expect closing costs in Pennsylvania to run you between 3.40% to 5.10% of the sale price of the home. Some lenders offer lower rates in exchange for higher closing costs. Weigh fees against your rate to narrow down the best mortgage for your needs.
Historical mortgage interest rates in Pennsylvania
Mortgage rates in Pennsylvania are typically higher than the national average, and they vary by area and lender. Compare at least three lenders to find the best rates and terms for your next mortgage.
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