Home Equity Loan Rates in Pennsylvania (November 2024)

The equity in your home that you can access and borrow is known as tappable equity. According to TransUnion, tappable equity averages $105,000 in Pennsylvania. A home equity loan (HEL) can help you maximize your home equity, whether you're looking to fund home improvement projects or consolidate debt.

Pennsylvania's home equity loan rates are below national averages — 7.1% APR for a 10-year term (7.7% nationally) and 7.4% APR for a 15-year term (7.9% nationally). We've compiled detailed insights on current home equity loan rates in Pennsylvania, including city-specific rates, top lenders, and tips on securing the best rates for using your home's equity.

The current average APR for a 15-year home equity loan in Pennsylvania is 7.4%, but several factors might affect what lenders offer you. A higher credit score can lower your APR, while a larger loan amount might increase it. Repayment terms also play a role in determining your rate. Compare the current home equity loan rates in Pennsylvania across different loan terms in the table below.

Interest rates for a home equity loan change daily. Keeping track of these changes can help you pay less in interest over the life of the loan, saving you money. Additionally, knowing the current rates lets you accurately plan your budget and future expenses, making sure you're borrowing within your means.

For example, a $50,000 home equity loan with a 15-year term at a 7.4% APR results in a monthly payment of $461 and a total interest of $32,920. In comparison, a 10-year loan with a 7.1% APR has a monthly payment of $583 and a total interest of $19,975.

The rate you qualify for depends on your loan-to-value ratio, which measures how much you owe on your mortgage compared to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For instance, if your home is valued at $300,000 and you owe $240,000, your LTV ratio is 80%.

A higher LTV ratio means greater risk to lenders, leading to higher rates. In Pennsylvania, the average APR of a 15-year equity loan with an LTV ratio of 80% is 7.3%, compared to 7.8% for an LTV ratio of 90%. Check the table below to see average home equity loan rates you might qualify for based on your LTV ratio.

Average APRs vary between cities in Pennsylvania. Cities with higher home values often have lower rates as the loans are seen as less risky. Additionally, cities with higher living costs may see slightly higher rates due to increased operational expenses.

In Pennsylvania, Blairsville has an average APR of 5.1%, while Red Hill has an average APR of 11.9%. Below is a table showing the cities in Pennsylvania and their average home equity loan rates for different terms.

Home equity loan rates in Pennsylvania vary significantly between lenders, influenced by their individual policies and market strategies. For instance, S&T Bank offers the lowest average APR at 5.1%, while KeyBank National Association has the highest at 11.9%.

Comparing rates and terms from different lenders is an effective way to secure the lowest home equity loan rates. Explore the interactive table below to see which lenders offer the lowest rates in your city.

Getting the best possible home equity interest rates can significantly enhance your borrowing experience by lowering monthly payments and overall costs. For instance, a homeowner in Pennsylvania could save money for other goals by securing a favorable rate. To achieve the best home equity loan rates in Pennsylvania, consider these strategies:

MoneyGeek addresses common questions about home equity loan rates for Pennsylvania homeowners. By providing clear, factual information, we help you understand how these rates are determined and what factors influence them.