Pennsylvania Mortgage and Refinance Rates

Written by Dhara Singh

As of Friday, May 27, 2022, current rates in Pennsylvania are 5.30% for a 30-year fixed, 4.62% for a 15-year fixed, and 3.54% 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.

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Pennsylvania mortgage overview

Homebuying programs in Pennsylvania 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

  • Ally Bank
  • Sage Mortgage
  • Fairway Independent Mortgage Corporation
  • Garden State Home Loans
  • Cake Mortgage

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.

Ally Bank

Ally Bank is an online bank and lender that offers several benefits for borrowers seeking jumbo loans and other types of mortgages.

Strengths: Displays interest rates and APRs on its website; preapprovals in as little as three minutes.

Weaknesses: Doesn’t lend mortgages in some states.

Read Bankrate's Ally Bank mortgage review.

Sage Mortgage

Sage Mortgage is newer to the game — founded in 2020 — but it’s already gained the wisdom associated with its name by helping several thousand borrowers close mortgages. It’s an especially solid choice if you’re looking to refinance. By working with multiple lenders, Sage can help you find the best terms on a new loan.

Strengths: Specializes in refinancing; convenient ability to text with loan officers; easy online application process.

Weaknesses: Only starting rates available online.

Read Bankrate's Sage Mortgage review.

Fairway Independent Mortgage Corporation

Fairway Independent Mortgage Corporation funded more than $71 billion in home loans in 2021. While you’ll have to contact a loan officer for information about the lender’s rates and fees, the majority of the experience at Fairway can be done via your screen. The FairwayNOW mobile app helps you get preapproved quickly, upload your documents and monitor the status of your application. If you’re looking for an in-person touch, you’re in luck: The lender has have a dozen branch locations in Pennsylvania.

Strengths: Mobile app makes managing application easy.

Weaknesses: Doesn’t publicly advertise rates or list specific fees; have to contact a loan officer to start the process.

Read Bankrate's Fairway Independent Mortgage Corporation review.

Garden State Home Loans

Garden State Home Loans is based in New Jersey and lends in nine states, including Pennsylvania. The lender gives borrowers access to a variety of loan options, including cash-out refinancing for homeowners wanting to tap their equity.

Strengths: Chat feature can connect you to a loan officer easily; closings with the lender can take as little as 20 days.

Weaknesses: Doesn’t display rates or fees online.

Read Bankrate's Garden State Home Loans review.

Cake Mortgage

Cake is a California-based mortgage lender that promises a tech-based approach with a human touch.

Strengths: Claims to offer competitive rates and a customer-friendly experience.

Weaknesses: No branch locations for in-person consultation.

Read Bankrate's Cake Mortgage user reviews.

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

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.

Pennsylvania mortgage resources