Pennsylvania Mortgage and Refinance Rates

Current mortgage rates in Pennsylvania

As of Monday, June 16, 2025, current interest rates in Pennsylvania are 0.00% for a 30-year fixed mortgage and 0.00% for a 15-year fixed mortgage.

After topping out around 8 percent in October 2023, mortgage rates in Pennsylvania and across the country have decreased, but remained well above pandemic-era lows. While they started 2025 around 7 percent, rates have decreased a bit further recently due to fears about a possible recession and increasing inflation. Experts expect mortgage rates to remain mostly in the 6-percent range for the rest of the year and into 2026.

Refinance rates in Pennsylvania

With mortgage refinance rates, like mortgage rates, predicted to remain above 6 percent in 2025, those who locked in a historically low rate during the pandemic are unlikely to refinance now. However, for Pennsylvanians who got mortgages in late 2023 when rates hit around 8 percent, the year ahead might present a good time to refinance to a lower rate.

And if you have a big expense coming up, and you’d like to use equity to pay for it, rising home values may be on your side. The average U.S. homeowner has approximately $203,000 in tappable equity, according to the March 2025 ICE Mortgage Monitor report. With a cash-out refinance, you could take advantage of this asset to help further your financial goals.

National mortgage rates by loan type

Pennsylvania housing market statistics and trends

Pennsylvania offers comparatively affordable housing, even in the major metro areas of Philadelphia and Pittsburgh. Here are some statistics about the housing market in The Keystone State:

• Median home sales price, Jan. 2025: $279,431
• Median home value, Jan. 2025: $273,423
• Median down payment, Jan. 2025: $37,500
• Median days on market, Feb. 2025: 51
• Percentage of homes sold above list price, Feb. 2025: 26.6%
• Percentage of homes with price drops, Feb. 2025: 22.0%
• Homeownership rate Q4 2024: 73.7%

Sources: ATTOM, Redfin, U.S. Census Bureau

Mortgage options in Pennsylvania

If you’re looking to get a mortgage in Pennsylvania, here are some of your options:

• Pennsylvania conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio of no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums as well.
• Pennsylvania FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a credit score of at least 580, you could qualify for an FHA loan with a down payment as low as 3.5 percent. 
• Pennsylvania VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). VA loans typically don’t require a down payment, and you won’t have to pay for mortgage insurance, but you will need to pay a funding fee, which ranges from 1.25 percent to 3.3 percent of the loan amount.

First-time homebuyer programs in Pennsylvania

The Pennsylvania Housing Finance Agency (PHFA), the state’s housing finance authority, helps eligible homebuyers obtain more affordable loans from approved lenders. You might qualify for:

• The HFA Preferred (Lo MI) loan is a conventional loan with less expensive PMI. The program is open to all types of homebuyers with no purchase price limits, but you’ll need to put at least $1,000 of your own money toward the down payment.
• The Keystone Home loan program serves first-time homebuyers, discharged veterans of the armed forces and buyers of homes in targeted Pennsylvania counties. You can qualify with multiple different loan types, including conventional and government-backed loans. Each type of loan has different requirements.
• The Keystone Government loan is either an FHA loan, VA loan or USDA loan. You don’t have to be a first-time homebuyer to apply for this program.
• The Keystone Flex mortgage with K-FIT loan combines the Keystone Home loan with a K-FIT (Keystone Forgivable in Ten Years) loan for down payment and closing cost assistance. The K-FIT loan offers 5 percent of the purchase price or appraised value, whichever is lower, in cash. The loan is forgivable over 10 years, with 10 percent forgiven annually.
• The Keystone Flex Purchase and Improvement mortgage with a K-FIT loan is the same as the above program, except that it’s for buyers purchasing a home that needs renovations. You may qualify for up to $30,000 beyond the purchase price to renovate the home.

How to find the best mortgage rate in Pennsylvania for you

Additional Pennsylvania mortgage resources 

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Alice Holbrook, Editor, Home Lending

I have been a writer and editor in the personal finance space for more than a decade, with more than three of those focused on homebuying and homeownership. I’ve had work appear in outlets including Newsweek, The Washington Post, The Associated Press, USA Today and MarketWatch.

Read more from Alice Holbrook