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Pennsylvania Mortgage and Refinance Rates

On Tuesday, February 27, 2024, the national average 30-year fixed mortgage APR is 7.24%. The national average 30-year fixed refinance APR is 7.21%, according ... to Bankrate's latest survey of the nation's largest mortgage lenders.

Current mortgage rates in Pennsylvania

As of Tuesday, February 27, 2024, current interest rates in Pennsylvania are 7.50% for a 30-year fixed mortgage and 7.06% for a 15-year fixed mortgage. 

Today’s elevated mortgage rates continue to make housing affordability a challenge for Pennsylvania homebuyers, and refinances far less desirable for homeowners. While mortgage rates are difficult to predict, many economists expect them to remain well above their historical lows for the foreseeable future.

Refinance rates in Pennsylvania

While mortgage refinance rates are much higher than the lows of 2020 and 2021, Pennsylvania borrowers who saw their home equity rise during the pandemic might still be interested in refinancing as a way to tap those funds. Check out Bankrate’s guide to cash-out refinancing to learn more.

Pennsylvania mortgage rate trends

As of September 2023, mortgage rates nationally and in Pennsylvania were at their highest levels since 2000, according to Bankrate’s national survey of lenders.

National mortgage rates by loan type

 
Product Interest Rate APR
30-Year Fixed Rate 7.19% 7.24%
15-Year Fixed Rate 6.75% 6.82%
5-1 ARM 6.73% 7.88%
30-Year Fixed Rate FHA 6.62% 6.67%
30-Year Fixed Rate VA 6.72% 6.77%
30-Year Fixed Rate Jumbo 7.24% 7.29%

Rates as of Tuesday, February 27, 2024 at 6:30 AM

 

 

Mortgage statistics for Pennsylvania

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

  • Average home value (as of Sept. 2023): $257,797 (Zillow)
  • Homeownership rate (as of Dec. 2022): 70.7% (U.S. Census Bureau)
  • Average mortgage loan size in 2022: $255,050 (Home Mortgage Disclosure Act)

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 guaranteed 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 ranges from 1.25 percent to 2.15 percent.

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 various lenders. You might qualify for:

  • The HFA Preferred (Lo MI) loan is a conventional loan with less expensive private mortgage insurance (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 for conventional mortgages, VA loans, FHA loans or USDA 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.

How to find the best mortgage rate in Pennsylvania for you

  • 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 credit score if needed.
  • Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
  • Step 3: Know your mortgage options - There are a few different types of mortgages.
  • Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
  • Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Learn more about how to get a mortgage.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163

3.6

Rating: 3.6 stars out of 5
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Rating: 4.98 stars out of 5

5.0

562reviews

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Homefinity

NMLS: 2289

State License: 4965

4.5

Rating: 4.5 stars out of 5
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Recent Customer Reviews

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Rating: 4.94 stars out of 5

4.9

1059reviews

Additional Pennsylvania mortgage resources