HELOC rates in Pennsylvania rose from 4% in 2020 to nearly 9% in 2024. Continued increases could mean higher borrowing costs for homeowners, so consider locking in current rates.
HELOC
Best HELOC Rates in Pennsylvania
Updated: November 19, 2024
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Key Takeaways
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in Pennsylvania with an 80% LTV is 8.2%, compared with 8.6% for a 90% LTV.
HELOC rates vary by city in Pennsylvania. Davidsville has an average APR of 5.8%, whereas Imperial's is 11.3%.
Different lenders offer varying rates for the same loan types. Cross Valley Federal Credit Union's average APR is 5.0%, whereas KeyBank National Association's is 11.3%.
Current HELOC Rates in Pennsylvania
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HELOC Rates in Pennsylvania by LTV Ratio
HELOC rates in Pennsylvania vary depending on the borrower's loan-to-value (LTV) ratio and line limit. Lenders view a lower LTV as less risky, as you have more equity in your home. For instance, with an 80% LTV, you're borrowing less than a 90% LTV, reducing the risk of default on your HELOC.
The following table lets you filter between different loan amounts, offering a clearer view of what you may qualify for:
Data filtered by:Results filtered by:
Line Limit:
Line Limit:$100,000
HELOC Rates in Pennsylvania by City
HELOC rates in Pennsylvania differ by city due to differences in local housing markets and lender competition. For instance, a city with a strong housing market might have lower rates due to reduced lender risk.
Use the table below to filter by your city and see average APRs for $50K and $100K HELOCs.
Data filtered by:Results filtered by:
City:
City:Philadelphia
| $100,000 | 8.5% |
| $50,000 | 8.5% |
HELOC Rates in Pennsylvania by Lender
HELOC interest rates in Pennsylvania vary by lender due to their unique pricing strategies and risk assessments. The table below shows the five lenders in Pennsylvania offering the lowest average APRs, helping you compare competitive rates.
| Cross Valley Federal Credit Union | 5.0% |
| HealthCare First Credit Union | 5.8% |
| Corry Federal Credit Union | 6.5% |
| Lehigh Valley Educators Credit Union | 7.0% |
| Sun East Federal Credit Union | 7.0% |
HELOC rates today can vary among lenders, even within the same city. Use the table below to filter by city and compare average APRs, helping you find the best rate in your area.
Data filtered by:Results filtered by:
City:
City:Philadelphia
| Ukrainian Selfreliance Federal Credit Union | Credit Union | 7.3% |
| S&T Bank | Commercial Bank | 7.6% |
| TruMark Financial Credit Union | Credit Union | 7.7% |
| Ardent Federal Credit Union | Credit Union | 7.8% |
| Freedom Credit Union | Credit Union | 8.0% |
| American Airlines Federal Credit Union | Credit Union | 8.0% |
| Reliance Federal Credit Union | Credit Union | 8.0% |
| Police and Fire Federal Credit Union | Credit Union | 8.0% |
| First Citizens Community Bank | Commercial Bank | 8.0% |
| FedChoice Federal Credit Union | Credit Union | 8.0% |
| Democracy Federal Credit Union | Credit Union | 8.0% |
| Citizens Bank | Commercial Bank | 8.0% |
| Advantage Financial Federal Credit Union | Credit Union | 8.3% |
| American Heritage Federal Credit Union | Credit Union | 8.4% |
| Customers Bank | Commercial Bank | 8.5% |
| Fulton Bank | Commercial Bank | 8.5% |
| Philadelphia Federal Credit Union | Credit Union | 8.5% |
| Tompkins Community Bank | Commercial Bank | 8.5% |
| Univest Bank and Trust Co. | Commercial Bank | 8.5% |
| Parke Bank | Commercial Bank | 9.0% |
| Navy Federal Credit Union | Credit Union | 9.1% |
| TD Bank | Commercial Bank | 9.2% |
| PNC Bank | Commercial Bank | 9.5% |
| Bank of America | Commercial Bank | 10.4% |
| Truist Bank | Commercial Bank | 11.1% |
| KeyBank National Association | Commercial Bank | 11.3% |
COMPARING HELOC RATES IN PENNSYLVANIA: BANKS VS. CREDIT UNIONS
HELOC rates in Pennsylvania vary between banks and credit unions, with commercial banks typically offering higher rates. For example, the best HELOC rate at commercial banks in the state averages 8.5%, while credit unions, as not-for-profit institutions, offer a slightly lower average rate of 8.2%. Understanding these differences can help you make a more informed decision.
When choosing between the two, consider more than just rates. Banks may provide more convenience through widespread branches and online services, while credit unions often offer personalized customer service and lower fees. Be sure to check membership requirements for credit unions and look out for any hidden fees or rate adjustment clauses with both types of lenders.
Ask the experts:
What are the common fees or costs associated with HELOCs that borrowers should be aware of, and how do these affect the overall cost of borrowing?
Credit & Mortgage Expert
Most banks and credit unions charge little to no fees when getting a HELOC. Typically, you will pay the cost of the appraisal — anywhere from $150 to $450 depending on the type of appraisal done. But closing costs are usually covered by the bank or credit union. This is why it’s best to shop around with at least three different lenders when applying for a HELOC to compare not only the rates but also any costs involved. Getting a rate that is 0.25% lower but having to pay a couple thousand dollars in costs may not make financial sense.
HELOC Payment Calculator
HELOCs have become a popular tool for homeowners across the U.S. looking to tap into their home equity. Use our Pennsylvania HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. It also offers an amortization schedule, showing the split between principal and interest over time. Understanding these details can help you manage your HELOC more effectively and plan your finances.
Pennsylvania HELOC Payoff Calculator
This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.
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Repayment Period Payment
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- Table view
- Amortization
Credit Payoff Schedule for Home Equity Line
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How to Get the Best HELOC Rates in Pennsylvania
Finding the best HELOC rates in Pennsylvania can save you thousands over the loan's lifespan. Consider these five strategies to secure competitive rates:
Maintain a strong credit score
The average credit score in Pennsylvania is 723. While this is good, aiming for a higher score can secure better rates.
Compare offers from multiple lenders
Shopping around can help you find competitive rates and negotiate better terms.
Reduce your debt-to-income (DTI) ratio
Lower debt-to-income ratios show stability. Pay off credit card debt to improve your ratio.
Increase your home equity
More equity reduces lender risk. Consider paying down your mortgage or making home improvements.
Review closing costs and rate caps
Closing costs affect expenses. Knowing rate caps helps manage HELOC adjustments.
HELOC Loan Rates vs. Home Equity Loan Rates in Pennsylvania
HELOC interest rates in Pennsylvania average 8.3%, higher than the 7.1% for home equity loans. This difference arises from HELOCs' variable rate structure compared to the fixed rates of home equity loans.
- HELOCs are revolving credit lines with variable rates that can increase in rising interest rate environments, potentially affecting homeowners' finances over time.
- Home equity loans provide a lump sum with a fixed interest rate, making them ideal for situations requiring predictable payments.
When deciding between these options, consider whether you prefer the flexibility of accessing funds as needed or the stability of fixed payments. Evaluate your financial goals and risk tolerance to determine which product aligns best with your needs.
CONSIDERING A HELOC ALTERNATIVE? TRY A CASH-OUT REFINANCE
A cash-out refinance is a HELOC alternative that replaces your primary mortgage with a new, larger loan, allowing you to access cash. Unlike HELOCs or home equity loans, cash-out refinances create a new primary mortgage.
For instance, if you have a loan backed by the Federal Housing Administration (FHA) and your home is valued at $300K with a $150K mortgage balance, an FHA cash-out refinance for $200K could give you $50K in cash, but your new loan payments will be based on $200K.
FAQ: Best HELOC Rates in Pennsylvania
What are the current HELOC rates in Pennsylvania and how do they compare to national rates?
The average HELOC rate in Pennsylvania is 8.3%, which is slightly lower than the national average of 8.4%.
What fees are commonly associated with HELOCs in Pennsylvania?
Common fees include application fees, appraisal fees, annual fees, and early closure fees, but specifics vary by lender.
How do HELOC rates in Pennsylvania compare to home equity loan rates?
Pennsylvania's HELOC rates average 8.3%, while home equity loan rates are lower at about 7.1%, especially for those with bad credit.
How do HELOC Rates in Pennsylvania vary between banks and credit unions?
Commercial banks in Pennsylvania offer HELOC rates averaging 8.5%, while credit unions offer lower rates at 8.2%.
What's the best HELOC rate in Philadelphia? How does it compare to the current HELOC rate in Pennsylvania?
Philadelphia's rates average 8.5%, which is slightly higher than Pennsylvania's average of 8.3%.
MoneyGeek examined 149 different banks and credit unions in Pennsylvania using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity line of credit rates.
This data is accurate as of November 15, 2024.
149Lenders Analyzed
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.