Depending on their particular loan terms, credit score and other factors, each homeowner will have a different “good” refinance rate. By comparing rates from different mortgage providers, you can find the best deal for your needs.
The current average rates in Pennsylvania are 4.43% for a 15-year fixed-rate mortgage (FRM), 5.14% for a 30-year FRM and 4.02% for a 5/1 adjustable-rate mortgage (ARM).
According to the Federal Reserve Bank of St. Louis, the national average mortgage rates for the same loan types mentioned are 4.92%, 5.81% and 4.41%, respectively. As a result, Pennsylvania's average mortgage interest rates are currently lower than the national average rates.
Keep in mind that mortgage refinance rates might change on a regular basis. For example, your actual refinance rate in Pennsylvania will likely differ from the estimate you receive today once you move forward with refinancing.
