Updated: January 9, 2025
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Pennsylvania's current mortgage refinance rates are 5.79% for a 15-year fixed loan and 6.77% for a 30-year fixed loan, lower than the national averages of 6.12% and 7.08%, respectively.
We provide the latest information on refinancing a mortgage in Pennsylvania, helping you to understand trends, timing and options based on credit score and loan type. Explore the details to decide when and how to refinance effectively.
MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot 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 noted otherwise, featured rates are annual percentage rates (APRs).
This data was last updated in December 2024.
The current 30-year refinance rate in Pennsylvania is 6.77%. According to Experian, the average mortgage debt in Pennsylvania is $170,773 as of September 2023.
If your current rate is higher, refinancing your mortgage could lower your monthly payments and reduce the total interest over the loan's duration. Below are the refinance rates in Pennsylvania to help you explore your options.
| 15-Year Fixed | 5.66% | 5.79% |
| 30-Year Fixed | 6.70% | 6.77% |
In December 2024, the 15-year refinance rate in Pennsylvania slightly dropped to 5.79% from 5.92% in November, while the 30-year refinance rate increased to 6.77% from 6.58%.
Interest rates rise due to factors like the Federal Reserve's monetary policy and economic conditions such as inflation. These also impact refinance rate trends in Pennsylvania. Understanding these influences helps you stay informed about financial shifts.
Refinancing your mortgage in Pennsylvania can reduce your monthly payments or secure a better interest rate. Understanding the steps will help you make informed decisions. Here's how to make refinancing work for you.
Credit scores affect the rates you qualify for; higher scores often mean better rates. If your score is below the Pennsylvania average of 723, improve it by paying down debt or checking for errors.
Evaluate your current mortgage terms and compare them with current market rates. If the 30-year rate of 6.77% or 15-year rate of 5.79% is lower than your current rate, refinancing might be wise. Consider your home tenure before deciding.
Organize documents like pay stubs, tax returns and bank statements to streamline the process and ensure a smooth transition from your original mortgage.
Evaluate lenders for competitive rates, fees and customer service. Comparing multiple lenders ensures you find the best refinance terms.
Be aware of closing costs like appraisal, title and origination fees. Pennsylvania's average is $3,963, according to the National Association of Realtors.
Submit your application with all required documents. A pre-approval letter can expedite the process and strengthen your negotiating position.
Secure a mortgage rate lock to protect against market fluctuations. Timing is key; consult your lender for optimal locking periods.
Review and sign closing documents. To ensure accuracy, verify all terms match your agreement before finalizing.
Set up automatic payments to avoid missing due dates. This helps maintain a strong credit score and ensures timely payments.
Monitor market trends for future refinancing opportunities. Regularly assess your mortgage terms to capitalize on favorable conditions.
In Pennsylvania, how soon you can refinance a mortgage depends on your loan type. Conventional loans allow immediate refinancing, but a cash-out refinance requires a six-month seasoning period. USDA loans typically require a 12-month waiting period before refinancing.
The October refinance rate in Pennsylvania was 5.92%, lower than previous months, making it a good time to refinance. However, refinancing involves closing costs that can take years to recover. It’s typically worthwhile only if there’s a significant interest rate reduction.
Refinancing your mortgage can lower interest rates and reduce your monthly payments. However, watch out for closing costs that might eat into those savings. Knowing when to refinance a mortgage in Pennsylvania is key to ensuring financial benefits. Explore the following situations where refinancing could be advantageous.
Refinancing when interest rates drop can reduce monthly payments and overall interest costs. To find the best rates, consult local banks and credit unions, which often offer competitive rates.
A higher property value can increase home equity. Enhancing curb appeal or renovating can boost value. With Pennsylvania's average home value at $270,780, tapping into equity can lower interest rates or eliminate the need for private mortgage insurance (PMI).
An improved credit score can qualify you for better refinancing rates. Paying bills on time and reducing debt are effective ways to boost your score.
Refinancing to a shorter loan term can reduce interest costs and help pay off your mortgage faster. Benefits include building equity quicker and saving on interest.
Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage provides financial stability. A fixed rate ensures consistent payments, protecting against future rate hikes and simplifying budgeting.
Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.
Make sure refinancing your existing home loan will save you money.
Total Savings:
By refinancing, you’ll pay $0
Your credit score affects the rates you qualify for. The current average refinance rates in Pennsylvania for a 30-year fixed-rate loan with a loan-to-value ratio of 80% or lower are 6.88% for credit scores between 680 and 740, compared to 6.77% for scores above 740. The table below shows average APRs for various credit scores and loan types.
| 5.75% | 6.26% |
The loan type you choose can influence the rates you qualify for. Pennsylvania's current average refinance rate for a 30-year fixed loan is 6.77%, compared to 7.95% for a 30-year FHA fixed-rate loan. The table below shows average APRs for different loan types in the state.
| 5.94% | 6.12% |
Understanding refinance rates in Pennsylvania can be tricky due to fluctuating rates and economic changes. To help you, we answer common questions about refinancing.
Refinancing your mortgage might be beneficial if it leads to lower interest rates and reduced monthly payments. However, consider the costs involved and whether the long-term savings outweigh these expenses.
To get the best refinance rate, improve your credit score and reduce your loan-to-value ratio by paying down your mortgage. Shopping around and comparing offers from multiple lenders can also help you secure a better rate.
The pros of refinancing include potentially lower interest rates and reduced monthly payments. On the downside, it involves costs such as closing fees and may extend the loan term, increasing the total interest over time.
Refinancing costs typically include closing costs, appraisal fees and possible penalties for early repayment.
The current average refinance rates in Pennsylvania are 5.79% for a 15-year fixed loan and 6.77% for a 30-year fixed loan. Rates in Philadelphia are likely to reflect these state averages, but the rates you qualify for may vary based on factors like your credit score and loan-to-value ratio.
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.
