Pennsylvania's current 30-year mortgage rate is 6.39%, lower than the national average of 6.83%. Homebuyers can explore options like HFA Preferred™ (LoMI) and the Keystone Home Loan Program to reduce their mortgage costs.
Mortgage
Today's Mortgage Rates in Pennsylvania (December 2024)
Updated: December 13, 2024
Advertising & Editorial Disclosure
MoneyGeek used publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Pennsylvania. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated in December 2024.
Current Mortgage Rates in Pennsylvania
In December 2024, the average APR for a 30-year fixed mortgage in Pennsylvania is 6.39%, down from 6.68% the previous month. For a $250,000 loan with 20% down, this slight decrease could save about $475 over the life of the loan, excluding property taxes or HOA fees.
Rates shift frequently due to changing economic conditions and Federal Reserve policies. The line chart below shows the recent month-to-month changes in mortgage rates.
Even small changes in mortgage rates can significantly affect your finances. Understanding the current mortgage rate in Pennsylvania can help you budget by setting realistic expectations for your monthly payments.
Who Needs to Know Current Mortgage Rates in Pennsylvania?
Understanding today's mortgage interest rates in Pennsylvania can benefit those seeking to buy a home and existing homeowners considering a refinance.
First-time homebuyers
Understanding current mortgage rates allows first-time homebuyers to judge what rate offers to expect from lenders and assess their competitiveness.
Homeowners with mortgages
Homeowners can check if they can save money through a mortgage refinance when current Pennsylvania rates are lower than their mortgage rates.
Pennsylvania's mortgage rates clearly differ between purchase and refinance options. The current average APR for a 30-year fixed mortgage to buy a home is 6.39%, while refinancing the same mortgage type has an average APR of 6.77%.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
Current Mortgage Rates in Pennsylvania by Loan Type
A 30-year fixed-rate mortgage typically has a higher interest rate than a 15-year one. Longer-term loans carry more risk for lenders due to the risk of rate fluctuations and default over time.
If you're unsure which mortgage suits your needs, exploring mortgage types in Pennsylvania can help you decide. Using a mortgage calculator will help you crunch the numbers to understand how these rates influence your monthly payments.
Data filtered by:Results filtered by:
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Loan Type:10-Year Fixed
| 5.97% | 6.21% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
An interest rate is the yearly cost of borrowing money for a mortgage. Pennsylvania's average interest rate for a 30-year fixed mortgage is currently 6.32%.
An APR (annual percentage rate) combines your interest rate with any additional fees or mortgage points to give you a complete picture of what you'll pay annually. Pennsylvanians are looking at an average APR of 6.39% for a 30-year fixed mortgage.
Current Mortgage Rates in Pennsylvania by Credit Score
In Pennsylvania, if you have a credit score of 740 or higher and are considering a down payment of 5% to 20%, the average APR for a 30-year fixed mortgage is 6.67%. With a credit score below 680, the average APR rises to 7.57%.
Your credit score impacts the mortgage rates you could qualify for. Using the table below, find out the rates you might get based on your credit score and down payment:
Data filtered by:Results filtered by:
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Credit Score Range:680 - 740
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Down Payment:5% to 20%
| 10-year Fixed | 5.20% |
| 15-year Fixed | 6.16% |
| 20-year Fixed | 6.95% |
| 30-year Fixed | 7.06% |
| 5-year ARM | 7.94% |
| 7-year ARM | 7.50% |
Mortgage Types in Pennsylvania
In December 2024, conventional loans have the lowest average APR for 30-year fixed-rate mortgages in Pennsylvania at 6.39%. Knowing your options can help you make an informed choice while navigating the homebuying process. Take a closer look at the mortgage types in Pennsylvania.
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Pennsylvania |
|---|---|---|---|
Conventional Loans | A conventional loan is not insured or guaranteed by the government and is offered by private lenders. | Mortgage rates on conventional loans are influenced by credit score and down payment size. | 6.39% |
FHA Loans | An FHA loan is backed by the Federal Housing Administration and has lower down payment requirements. | Rates for FHA loans are generally lower, accommodating borrowers with less-than-perfect credit. | 8.05% |
VA Loans | VA loans are guaranteed by the Department of Veterans Affairs, designed for service members and veterans. | VA loans offer competitive rates due to government backing and are not based on credit or down payments. | 6.42% |
USDA Loans | USDA loans are for rural homebuyers and are guaranteed by the United States Department of Agriculture. | USDA loans offer low rates to rural borrowers meeting certain income criteria with no down payment. | currently unavailable |
Jumbo Loans | A jumbo loan exceeds the conforming loan limits set by Freddie Mac and Fannie Mae. | Jumbo loans usually have higher rates because they involve greater risk for lenders due to larger amounts. | 6.68% |
MORTGAGE RATE STRUCTURES IN PENNSYLVANIA
Mortgage rates come in two types: fixed and adjustable.
- Fixed-rate mortgages lock in your interest rate, so your monthly mortgage payments stay the same.
- Adjustable-rate mortgages (ARM) initially offer a lower rate that can adjust over time, potentially reducing your payments if rates drop.
As of December 2024, the average APR in Pennsylvania for a 30-year fixed-rate loan is 6.39%, while a seven-year ARM averages 7.00%.
Mortgage Lenders in Pennsylvania
Rocket Mortgage, Truist and Better are solid choices for securing a mortgage in Pennsylvania. Each meets key criteria like state availability, Better Business Bureau (BBB) accreditation and homeowner assistance programs. While these are strong choices, other lenders may also suit your needs.
Your mortgage rate can vary by lender, as they offer different options and terms. By comparing multiple lenders, you can secure the best possible rate.
- Rocket
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8:30 am to 9:00 pm ET Saturday, 9:00 am to 4:00 pm ETCustomer Service Hours
Rocket Mortgage offers several mortgage options, including FHA and conventional loans. For a conventional loan, borrowers need a minimum credit score of 620, while FHA loans require a 580 credit score. The minimum down payment is 3.5% for FHA loans and as low as 3% for conventional loans.
Customer service is available by phone and chat Monday to Friday, 8:30 a.m. to 9 p.m. ET, and Saturday, 9 a.m. to 4 p.m. ET. The lender also offers homeowner assistance programs like ONE+ and HomePossible. The ONE+ program allows a down payment as low as 1%, with Rocket Mortgage covering an additional 2%, making homeownership more accessible for first-time buyers.
Pros
- Online prequalification available
- Homebuyer programs through partnerships
- Sunday service for loan advice
Cons
- No physical branches
- No USDA loans
- Truist
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8 am to 8 pm ET Saturday, 8 am to 5 pm ETCustomer Service Hours
Truist offers various mortgage options, including conventional and VA loans. While the minimum credit score isn't specified, down payments can be as low as 3%, depending on the mortgage type.
Customer service is available Monday to Friday, 8 a.m. to 8 p.m. ET, and Saturday, 8 a.m. to 5 p.m. ET, through phone, social media and in-person channels. Truist also promotes accessible homeownership with special programs like doctor loans and affordable lending options.
Pros
- Tailored mortgage options, including doctor and construction loans
- Online calculator with amortization schedule
- Affordable loan assistance programs
Cons
- Specific mortgage info requires professional consultation
- Lacks mortgage payment relief options
- Better
- 4Number of Mortgage Options
- YesOnline Application
- B+BBB Rating
- Monday to Friday, 8 am to 9 pm ET Saturday and Sunday, 9 am to 9 pm ETCustomer Service Hours
Better offers a range of mortgage options online, including fixed-rate and adjustable-rate loans. Jumbo loans require a minimum credit score of 700, while conventional loans need at least a 620 score. FHA loans require a 580 score. The down payment can be as low as 3% for conventional loans, but if your credit score is below 580, you'll need a 10% down payment. With a score of 580 or higher, you can put down 3.5%.
Customer service via phone or email is available daily from 8 a.m. to 9 p.m. ET on weekdays and 9 a.m. to 9 p.m. ET on weekends. The lender also offers the Better Real Estate discount to help save on homebuying costs.
Pros
- Offers fast loan commitment letters
- Open for support on Sundays
- Speedier than average closing times
Cons
- No VA or USDA mortgage options
- Operates online only, with no physical locations
- B+ rating from BBB
Mortgage Programs in Pennsylvania
Owning a home includes hidden costs that can impact your budget. You can find support through the Pennsylvania Housing Finance Agency, which provides mortgage programs to assist you.
Program | Description |
|---|---|
HFA Preferred™ (LoMI) | Ideal for those who need a 30-year fixed-rate loan with a down payment of just $1,000. This program isn't limited to first-time buyers and features lower mortgage insurance for less than 20% down. Eligible borrowers with strong credit may receive a $500 grant to help with down payments and closing costs. |
Keystone Home Loan Program | Suits a variety of homebuyers, including veterans and those who haven't recently owned a home. The program encompasses various loan types and is tailored to your financial status, subject to income and purchase price limits. Work with a participating lender to access its benefits. |
Keystone Government Loan | Allows access to a mortgage through PHFA-approved lenders, whether an FHA, RD or VA loan. This flexible option is available to new and seasoned homebuyers without PHFA-specific limits, possibly offering additional down payment or closing cost assistance. |
Keystone Flex with K-FIT | Offers a second loan that may decrease over a decade. Applicants need a 660 credit score and must meet certain income requirements. It’s available to all buyers, not just first-timers, and offers enhanced financial support. |
Keystone Flex Purchase & Improvement with K-FIT | Provides a comprehensive loan for buying and renovating a home. Pair a conventional first mortgage with up to $30,000 for home upgrades and a K-FIT second loan for down payments and closing costs. A credit score of 660+ and meeting income limits are needed. |
FAQ: Mortgage Rates in Pennsylvania
Understanding today's mortgage rates in Pennsylvania can raise many questions for homebuyers. We answered common inquiries about securing a mortgage for a new home.
What are the current mortgage rates in Pennsylvania?
Current average APRs in Pennsylvania vary depending on the loan type and other factors. For December 2024, they are reported as 7.00% for a seven-year ARM, 6.39% for a 30-year fixed and 8.05% for a 30-year fixed-rate FHA in the state.
How do mortgage rates in Pennsylvania compare to national rates?
Mortgage rates for a five-year adjustable-rate mortgage currently average 7.20% in Pennsylvania and 7.79% nationally. The average APR for a 15-year fixed-rate mortgage in Pennsylvania is 5.82%, compared to 6.12% nationally.
How does my credit score impact the mortgage rates I get in Pennsylvania?
Your credit score significantly influences the mortgage rates you receive. Higher credit scores generally secure lower mortgage rates, while lower scores may result in higher rates due to increased lender risk.
Are there any special mortgage programs in Pennsylvania to help homebuyers?
Yes, Pennsylvania offers several mortgage programs, such as the HFA PreferredTM (LoMI), Keystone Home Loan Program and Keystone Government Loan, to assist homebuyers.
How can I get the best possible mortgage rate in Pennsylvania?
To secure the best mortgage rates in Pennsylvania, consider making a larger down payment, maintaining a strong credit history and shopping around with multiple lenders to compare offers.
What are today's mortgage refinance rates in Pennsylvania?
For December 2024, today's refinance rates in Pennsylvania are 5.79% for a 15-year fixed and 6.77% for a 30-year fixed.
How do I calculate my mortgage payments?
To calculate your mortgage payments, use a mortgage calculator for Pennsylvania, which can provide estimates of your monthly payments based on the loan amount, term and interest rate.
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.
sources
- Pennsylvania Housing Finance Agency. "Home Purchase Loans." Accessed December 13, 2024.