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Mortgage rates in Pennsylvania

Interest rates on a 30-year $300,000 conventional mortgage start at around 3.500%

If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 3.625% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Pennsylvania home will depend on several factors, including your credit score, loan amount and lender.

Rates were last checked on January 10 and are from the Consumer Financial Protection Bureau (CFPB) website.

Your credit score affects the rate you’ll get

People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in Pennsylvania by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).

Credit score $200,000 mortgage $300,000 mortgage $400,000 mortgage $500,000 mortgage
620-639 4.250% 4.250% 4.250% 4.125%
640-659 4.125% 4.125% 4.000% 4.000%
660-679 3.875% 3.938% 3.938% 3.875%
680-699 3.750% 3.750% 3.688% 3.625%
700-719 3.750% 3.625% 3.625% 3.625%
720-739 3.625% 3.500% 3.500% 3.500%
740-759 3.500% 3.500% 3.500% 3.375%
760-779 3.500% 3.500% 3.500% 3.375%
780-799 3.500% 3.500% 3.500% 3.375%
800+ 3.500% 3.500% 3.500% 3.375%

*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage

Interest rates vary by lender

Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.

Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
AmeriSave
(NMLS #1168)
AmeriSave
Conventional, Jumbo, FHA, VA, USDA, Refinance
Not available in: NY
620
Great customer reviews and customized rate quotes in three minutes with no SSN needed.
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY
620
No hidden fees, multiple loan terms, and member discounts available.
Veterans United
(NMLS #1907)
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
620
Veterans United stands out from other lenders for its focus on serving the military community.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
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Compare up to 4 providers

Interest rates also vary by loan type

The type of loan you get can also affect how much you pay for your Pennsylvania home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.

Loan type $200,000 mortgage $300,000 mortgage $400,000 mortgage $500,000 mortgage
15-year conventional 2.750% 2.625% 2.625% 2.625%
30-year conventional 3.750% 3.625% 3.625% 3.625%
15-year FHA 3.000% 2.875% Not elegible Not elegible
30-year FHA 3.500% 3.500% Not elegible Not elegible
15-year VA 3.250% 3.000% 2.875% 2.875%
30-year VA 3.625% 3.500% 3.500% 3.500%

*Based on a 10% down payment, fixed interest rate and 710 credit score

Research ahead of time to get the best rates

Increase your chances of qualifying for a better rate — and better prepare for total costs — by paying down debts and shopping around:

  1. 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.
  2. 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.
  3. 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.

Home values in Pennsylvania are going up

Home prices in Pennsylvania are ticking up. According to Zillow, the average home price in Pennsylvania jumped by 16.1% in the 12 months prior to June 2021. As buyers grab up homes in the Keystone State, some areas are seeing homes going in less than three weeks.

Cities with high buyer demand include Philadelphia, Pittsburgh, Westchester, Bethlehem and Media. But the biggest price rises are predicted for South Huntingdon Township, Reinerton-Orwin-Muir, Saint Clair, Hempfield Township and Oliver, where home prices are expected to rise by 15% to 16% into mid-2022.

Currently, the average home price in Pennsylvania is below $250,000.

5 fast facts about Pennsylvania’s housing market

If you’re looking to buy a home in Pennsylvania, there are five considerations:

  1. A typical home in Pennsylvania costs $237,742 as of June 2021, which is 20.47% less than the national average, says Zillow.
  2. The 2019 US Census recorded that Pennsylvania residents pay an average of $1,494 a month in ownership costs, which is slightly less than the national average of $1,595.
  3. Closing costs in Pennsylvania run about 4.21% with taxes, making it the fifth most expensive state for closing costs.
  4. Pennsylvanians pay an average of 1.50% in property taxes, which is higher than the national average of 1.07%, according to SmartAsset.
  5. According to Redfin, 47.8% of homes sold in Pennsylvania this year went for over the asking price. 14.2% saw price drops.

Bottom line

Mortgage rates in Pennsylvania vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.

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