Pennsylvania Mortgage and Refinance Rates
As of Tuesday, October 19, 2021, current rates in Pennsylvania are 3.18% for a 30-year fixed, 2.48% for a 15-year fixed, and 2.72% for a 5/1 adjustable-rate mortgage (ARM).
We’ll help you find Pennsylvania mortgage and refinance rates well below the national average so you can apply and start saving on your home today.
About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.
Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.
Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.
Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.
Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.
Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.
Pennsylvania mortgage overview
By Dhara Singh
Median home values in Pennsylvania are 30 percent lower compared to the national median, making homes more affordable to people who no longer want to rent and are ready to purchase a house. The programs in the state not only assist with the down payment, but also help fund closing costs to make it more affordable for people to buy their first home.
The state also has programs for current homeowners who are looking to buy another home, such as upgrading to a larger one or in a different neighborhood.
The Pennsylvania Housing Finance Agency (PHFA) works with brokers and lenders to offer and process mortgages with low fees and affordable interest rates. The loans are purchased by the PHFA after closing, and the homeowner makes monthly payments directly to the agency.
Top 5 Bankrate mortgage lenders in Pennsylvania
- Better.com – Best overall
- Garden State Home Loans – Best non-bank lender
- Cardinal Financial Company – Best for jumbo loans
- Lower – Best for first-time homebuyers
- AmeriSave Mortgage Corporation – Best for refinancing
Methodology
Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.
Better.com - Best overall
With super-fast preapprovals and closings (three minutes and 21 days on average, respectively), Better.com saves you time. More importantly, it saves you money. There are no fees for application, underwriting or origination. Plus, you can easily compare rates online without the need to share any personal information.
Strengths: No fees; convenient online application process; fast closing time
Weaknesses: No VA or USDA loans; doesn’t offer full e-closings; higher credit score (620) required for FHA mortgages
Read Bankrate's Better.com mortgage review
Garden State Home Loans – Best non-bank lender
Since Garden State Home Loans doesn’t have a large network of banks and offices, the lender is able to minimize the fees it charges for mortgages. With an A+ rating from the Better Business Bureau, the lender prides itself on exceptional customer service, which includes the ability to chat with loan officers online.
Strengths: Closings in around 30 days; positive reviews from past customers; smaller operation, which might lead to more personalized service
Weaknesses: Rates and specific fees not listed online; higher credit score requirement of 640 for majority of loan programs
Read Bankrate's Garden State Home Loans review
Cardinal Financial Company – Best for jumbo loans
A credit score as low as 660 can put you on a path toward securing a loan up to $2 million with Cardinal Financial Company, and the oversized loans are available for investment properties. If you’re on a tight timeline, this is an especially good pick: Some borrowers have been able to close in just seven days.
Strengths: Loans up to $2 million; e-signing option; quick closings
Weaknesses: Fees not disclosed online; must request a rate quote
Read Bankrate's Cardinal Financial mortgage review
Lower – Best for first-time homebuyers
One of the most daunting steps in buying your first home is coming up with the upfront payment, but Lower can help make that big sum a bit more attainable: Its HomeCash program matches your savings up to $500, and all the money goes toward the amount you owe at closing.
Strengths: Fully online process; down payment savings matching; all refinancing fees waived if you ever refinance your mortgage
Weaknesses: Not accredited by the Better Business Bureau
Read Bankrate's Lower mortgage review
AmeriSave Mortgage Corporation – Best for refinancing
When you’re refinancing your mortgage, every day counts: The sooner you can lock in a lower interest rate, the sooner you can reduce your monthly payments. AmeriSave Mortgage Corporation boasts lightning-quick closings for refinancing that happen in days, not weeks.
Strengths: Refi closings can happen in a few days; can chat online with loan officers
Weaknesses: Minimal information about rates available online; no in-person locations
Read Bankrate's AmeriSave Mortgage Corporation review
First-time homebuyer programs in Pennsylvania
The Keystone State offers many first-time homebuyer programs to encourage people to buy their first house, condo or townhome. Learn more about Pennsylvania first-time homebuyer programs.
Through the PHFA, homebuyers can obtain a 30-year, fixed-rate mortgage that has a more affordable interest rate and fewer fees. The loans include conventional mortgages, VA loans, FHA loans or USDA rural development loans. The household income and limits on home prices vary with each program:
- HFA Preferred (Lo MI) loan, which helps homebuyers with lower down payments obtain cheaper private mortgage insurance (PMI). When homebuyers do not have 20 percent for the down payment, lenders require PMI. The program is open to all homebuyers and there are no purchase price limits. Consumers must contribute at least $1,000 toward the down payment.
- Keystone Home loan program serves first-time homebuyers, discharged veterans of the armed forces and buyers of homes in targeted Pennsylvania counties for conventional mortgages, VA loans, FHA loans or USDA loans. Each type of loan has different requirements.
- Keystone Government works with mortgage lenders and brokers to provide homebuyers with affordable mortgages in the form of FHA loans, VA loans or USDA loans. You don’t have to be a first-time homebuyer to apply for this program.
Pennsylvania mortgage refinancing
With interest rates at historic lows, you may be able to lower your monthly payment and save thousands by refinancing your loan to a lower rate. You can use Bankrate’s mortgage refinance calculator to see how much you can save.