Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

Mortgage rates in Pennsylvania

The state that’s been above the national average for 10+ years.

Updated

Fact checked

Mortgage rates during the coronavirus

As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.

Compare mortgage lenders in Pennsylvania

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.

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 type15-year average rate30-year average rate
Conventional4.406%4.706%
FHA4.209%4.719%
VA3.973%4.599%
USDANot available4.580%

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.

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 rateMedian loan amountEstimated monthly cost
Allentown MSA (Carbon, Lehigh and Northampton Counties)4.817%$175,000$920
Altoona4.676%$125,000$650
Bloomsburg-Berwick4.700%$135,000$700
Chambersburg-Waynesboro4.594%$165,000$850
East Stroudsburg4.899%$155,000$820
Erie4.696%$125,000$650
Gettysburg4.663%$185,000$960
Harrisburg-Carlisle4.669%$165,000$850
Johnstown4.720%$95,000$490
Lancaster4.695%$185,000$960
Lebanon4.681%$165,000$850
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
Pittsburgh4.612%$165,000$850
Reading4.750%$165,000$860
Scranton–Wilkes-Barre4.828%$125,000$660
State College4.598%$215,000$1,100
Williamsport4.757%$145,000$760
York-Hanover4.716%$175,000$910
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:

  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.

Historical mortgage interest rates in Pennsylvania

Bottom line

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.

Frequently asked questions

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site