Pennsylvania Mortgage and Refinance Rates

Written by

On Friday, June 02, 2023, the national average 30-year fixed mortgage APR is 7.00%. The national average 30-year fixed refinance APR is 7.07%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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.

Current mortgage rates in Pennsylvania
How to find the best mortgage rate in Pennsylvania
Mortgage options in Pennsylvania
First-time homebuyer programs in Pennsylvania
Additional Pennsylvania mortgage resources

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 $726,200 May Have Different Loan Terms: If you are seeking a loan for more than $726,200, 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.

Current mortgage rates in Pennsylvania

While mortgage rates have leveled off some since jumping in 2022, today’s higher rate environment still makes housing affordability a challenge for Pennsylvania homebuyers, and refinances less desirable for homeowners. While mortgage rates are difficult to predict, many housing economists expect them to remain well above their historical lows for the foreseeable future.

As of Friday, June 2, 2023, current interest rates in Pennsylvania are 6.92% for a 30-year fixed mortgage and 6.36% for a 15-year fixed mortgage.

Refinance rates in Pennsylvania

Pennsylvania borrowers who saw their home equity rise during the pandemic might be interested in refinancing their mortgage as a way to tap those funds. Check out Bankrate’s guide to cash-out refinancing to learn more.

Bankrate’s goal is to help readers maximize their money and navigate life’s financial journey. We are responsible for providing readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. We maintain a clear separation between our advertisers and our editorial coverage. Our mission is to offer information to help readers make the best financial decision.

How to find the best mortgage rate in Pennsylvania for you

When shopping for a mortgage, compare at least three loan offers — research shows this exercise can save you thousands of dollars over the life of a loan.

Bankrate can help you find the best mortgage deal. Here are some basic steps to securing a loan on favorable terms:

Step 1: Strengthen your credit score

Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your standing if needed. This means pulling your credit score and credit reports. You’re entitled to a free credit report from each of the three main reporting bureaus (Experian, Equifax and TransUnion), which you can get through AnnualCreditReport.com.

Step 2: Determine your budget

To find the right mortgage, you’ll need a good handle on how much house you can afford. That’s because a lender could qualify you for more mortgage than you need, or one that would max out your budget and leave no room for unexpected expenses.

Step 3: Know your mortgage options

There are a few different types of mortgages. Many lenders offer conventional loans that require as little as 3 percent down. FHA loans also have a low down payment threshold, while VA loans (for veterans) and USDA loans (for borrowers in rural areas) have no down payment requirement. If you’re in the market for a jumbo loan, check Pennsylvania’s county-by-county loan limits.

Step 4: Compare rates and terms from several lenders

Don’t settle on the first lender you talk to — rate-shop with at least three different banks or mortgage companies. You can look to your bank or other banks, credit unions, online lenders and local independents to ensure you’re getting the best deal on rates, fees and terms.

Step 5: Get preapproved for a mortgage

As you comparison-shop, keep in mind that getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Mortgage options in Pennsylvania

If you’re looking to get a mortgage in Pennsylvania, there are several 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 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 down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580.
Pennsylvania VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage backed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which starts at 2.15 percent for homebuyers.

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 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. Borrowers 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.