Today's Mortgage Rates in Pennsylvania (August 2024)
Today's mortgage rates in Pennsylvania are 5.94% APR for a 30-year fixed-rate mortgage and 6.41% APR for a 30-year fixed-rate FHA loan. The national averages are 6.42% and 6.30%, respectively.
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By Zachary Romeo, CBCA
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Zachary Romeo, CBCA
Head of Loans and Banking at MoneyGeek
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.
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Reviewed by Ramsey Coulter
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Credit & Mortgage Expert
Ramsey Coulter has worked in the mortgage and credit industry for over 10 years. Currently a mortgage loan originator with CMG Home Loans, he specializes in helping first-time homebuyers navigate the mortgage process. Coulter is also a certified credit counselor at [Coulter Credit LLC](https://coultercredit.com/credit-repair-services/) and has been retained as an expert witness in numerous legal cases concerning credit and mortgage-related matters. His responsibilities as an expert include preparing detailed reports, participating in depositions and crafting rebuttal reports to counter opposing expert witness testimonies. Coulter holds a bachelor of science degree from West Chester University of Pennsylvania.
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Edited by Denise Cristobal
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Denise Cristobal is a MoneyGeek content editor with over 14 years of experience in writing, proofreading and copy editing. She has worked with various nonprofits (Chamber of Commerce, Environmental Conservation and Education and Literacy Development) to develop content that furthers their goals and causes. Denise has written on topics including women’s issues, mental health and fitness, among others.
ZC
By Zachary Romeo, CBCA
ZC
Zachary Romeo, CBCA
Head of Loans and Banking at MoneyGeek
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.
RC
Reviewed by Ramsey Coulter
RC
Credit & Mortgage Expert
Ramsey Coulter has worked in the mortgage and credit industry for over 10 years. Currently a mortgage loan originator with CMG Home Loans, he specializes in helping first-time homebuyers navigate the mortgage process. Coulter is also a certified credit counselor at [Coulter Credit LLC](https://coultercredit.com/credit-repair-services/) and has been retained as an expert witness in numerous legal cases concerning credit and mortgage-related matters. His responsibilities as an expert include preparing detailed reports, participating in depositions and crafting rebuttal reports to counter opposing expert witness testimonies. Coulter holds a bachelor of science degree from West Chester University of Pennsylvania.
DC
Edited by Denise Cristobal
DC
Denise Cristobal is a MoneyGeek content editor with over 14 years of experience in writing, proofreading and copy editing. She has worked with various nonprofits (Chamber of Commerce, Environmental Conservation and Education and Literacy Development) to develop content that furthers their goals and causes. Denise has written on topics including women’s issues, mental health and fitness, among others.
Updated: September 4, 2024
Advertising & Editorial Disclosure
Today's 30-year mortgage rate in Pennsylvania is 5.94%, which is lower than the current average national rate of 6.42% for the same mortgage type. In Pennsylvania, homebuyers can possibly reduce their mortgage expenses by tapping into programs like HFA Preferred™ (LoMI) and the Keystone Government Loan.
As you explore your home financing options, we'll help you understand today's 30-year mortgage rate in Pennsylvania. You'll learn about loan types, how interest rates fluctuate by credit score and the various mortgage structures and lenders.
MethodologyMoneyGeek 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 on August 2024.
The current mortgage rate in Pennsylvania for a 30-year fixed-rate mortgage is 5.94% as of August 2024, down from 6.8% in July. On a $250,000 loan with a 20% down payment, this drop can save you about $46,561 in total interest over the life of the loan, not including additional expenses like property taxes or HOA fees.
Our line chart reflects these recent rate movements, indicating that even small changes in your mortgage rate can significantly impact your payments over time.
Understanding the current mortgage rate in Pennsylvania can help you budget by setting realistic expectations for your monthly payments. Rates can change daily and are affected by factors like economic conditions and central bank decisions.
Understanding today's mortgage interest rates in Pennsylvania, which reflect the pulse of the housing market, can benefit those seeking to buy a home and existing homeowners considering a refinance.
Understanding current mortgage rates in Pennsylvania 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 by opting to mortgage refinance when current Pennsylvania rates are lower than their mortgage rates.
Purchase rates and refinance rates for mortgages in Pennsylvania show a clear difference. If you're looking at the current mortgage rate for a 30-year fixed mortgage for buying a home, you'll see an average APR of 5.94%. Meanwhile, if you refinance your existing loan, the same mortgage type has an average APR of 7.72%.
A 30-year fixed-rate mortgage in Pennsylvania usually has a higher interest rate than a 15-year fixed-rate mortgage. Longer-term loans carry more risk for lenders due to the increased possibility of interest rate fluctuations and the potential for default over the extended time frame.
You might be contemplating what kind of mortgage best suits your needs. Exploring mortgage loan types in Pennsylvania can help you decide on the best fit for your situation. Using a mortgage calculator will help you crunch the numbers to better understand how these rates will influence your monthly payments.
Data filtered by: Results filtered by: 10-Year Fixed| Interest Rate | APR |
|---|---|
| 5.13% | APR 5.30% |
An interest rate is essentially the yearly cost you pay to borrow money for a mortgage. In Pennsylvania, the average interest rate for a 30-year fixed mortgage is currently 5.86%.
An APR, annual percentage rate, combines your mortgage 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 5.94% for a 30-year fixed mortgage.
In Pennsylvania, if you have a credit score of 740 or more and are considering a down payment of 5% to 20%, you can expect an average APR of 6.47% for a 30-year fixed mortgage. On the other hand, with a credit score below 680, the average APR rises to 7.34%.
Your credit score impacts the mortgage rates you could qualify for in Pennsylvania. Using the interactive table provided, you can find out the rates you might get based on your credit score and down payment amount:
Data filtered by: Results filtered by: Credit Score Range :In August 2024, 30-year fixed-rate VA loans have the lowest average APR among the 30-year fixed-rate mortgages in Pennsylvania, with a rate of 5.83%. Knowing your options can help you make an informed choice as you navigate the mortgage process. Let's take a closer look at the mortgage loan types available in Pennsylvania.
Mortgage Type Definition Impact on Rates 30-Year Rates in PennsylvaniaConventional Loans
Conventional loans in Pennsylvania are not insured by government agencies and are the most common type of mortgage.
Rates for conventional loans are influenced by credit score, down payment size and the lending market.
FHA Loans
FHA loans in Pennsylvania are insured by the Federal Housing Administration and are designed to help borrowers with lower incomes.
FHA loans generally offer lower interest rates for borrowers with lower credit scores or smaller down payments.
VA Loans
VA loans in Pennsylvania are backed by the Department of Veterans Affairs and are available to service members and veterans.
VA loans often provide competitive rates due to government backing, regardless of down payment or credit score.
USDA Loans
USDA loans in Pennsylvania are backed by the United States Department of Agriculture and are aimed at rural homebuyers.
USDA loans offer low rates, often without a down payment, but are subject to income and location eligibility.
Jumbo Loans
Jumbo loans in Pennsylvania exceed conforming loan limits set by Fannie Mae and Freddie Mac, used for more expensive properties.
Jumbo loans often have higher interest rates because they carry greater risk for lenders due to larger amounts.
MORTGAGE RATE STRUCTURES IN PENNSYLVANIAMortgage rates in Pennsylvania are categorized into two types: fixed and adjustable.
As of August 2024, for a 30-year fixed-rate loan, the average annual percentage rate (APR) in Pennsylvania is 5.94%, while a 7-year adjustable-rate mortgage averages 6.98%.
Rocket, Better and Truist are solid choices for securing a mortgage in Pennsylvania. Each lender has met criteria like state availability, Better Business Bureau accreditation and homeowner assistance program offerings. While these are noteworthy options, remember that there are other lenders in Pennsylvania to consider.
The mortgage rate you get in Pennsylvania can vary based on your lender, as they offer different mortgage options and loan terms. By comparing multiple lenders, you can help ensure you get the most favorable mortgage rate possible.
Collapse All Rankings -WHY WE GEEK OUT
Rocket provides several mortgage options in Pennsylvania, including FHA and conventional loans. For a conventional loan with Rocket, potential borrowers should have a minimum credit score of 620. For FHA loans, a 580 credit score is required. The minimum down payment is 3.5% for FHA and as low as 3% for conventional loans.
Customer service is available through both phone and chat from Monday to Friday, 8:30 a.m. to 9:00 p.m. ET, and on Saturday, 9:00 a.m. to 4:00 p.m. ET. Rocket also stands out for its homeowner's assistance programs, which include options like ONE+ and HomePossible. These programs aim to provide additional support for homebuyers. Moreover, with a ONE+ program, the down payment can be as low as 1%, with Rocket covering an additional 2%. This makes homeownership more accessible for many first-time buyers in Pennsylvania.
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WHY WE GEEK OUT
Truist is a mortgage lender ready to serve borrowers in Pennsylvania with various mortgage options, including conventional and VA loans. However, there is no information on the minimum credit score required. For those keen on budgeting for a new home, down payments can be as low as 3%, though the exact figure depends on the mortgage type chosen.
The lender caters to customer queries with service hours from 8 a.m. to 8 p.m. ET on weekdays and 8 a.m. to 5 p.m. ET on Saturdays through phone, social media and in-person channels. It promotes accessible homeownership through its special programs, such as the doctor loan and affordable lending options.
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WHY WE GEEK OUT
Better serves Pennsylvania exclusively online, presenting a range of mortgage options, including fixed-rate and adjustable-rate plans. Borrowers looking at jumbo loans need a minimum credit score of 700, while those considering conventional loans need at least a 620 score. If an FHA loan is in your sights, a 580 score is required. The down payment can be as low as 3% for conventional loans but could go higher depending on certain factors — if your credit score is under 580, you'll need to put down 10%, but a comfortable 3.5% will suffice with a score of 580 or more.
Better provides customer service daily, from Monday through Friday, between 8 a.m. and 9 p.m. ET and on weekends from 9 a.m. to 9 p.m. ET, ready to assist you via phone or email. Meanwhile, for those interested in homeowner support, Better offers the Better Real Estate discount to help with savings during the homebuying process.
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Owning a home includes hidden costs that can impact your budget. In Pennsylvania, you can find support through Pennsylvania Housing Finance Agency, which provides mortgage programs designed to assist you.
DescriptionHFA PreferredTM (LoMI)
Explore the HFA PreferredTM (LoMI) if you 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
The 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
With the Keystone Government Loan Program (K-Gov), secure a mortgage through PHFA-approved lenders, whether you prefer 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
Consider Keystone Flex with K-FIT for its unique offer of a second loan that potentially fades over a decade. Applicants need a 660 credit score and must meet certain income requirements. It's not exclusive to first-time buyers, and you'll benefit from enhanced financial support.
Keystone Flex Purchase & Improvement with K-FIT
The 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.
Understanding today's mortgage rates in Pennsylvania can raise many questions for homebuyers. We've answered common inquiries you might have while securing a mortgage for your new home in Pennsylvania.
What are the current mortgage rates in Pennsylvania?Current average APRs in Pennsylvania can vary significantly based on the loan type and other factors. As of August 2024, a 30-year fixed conforming loan averages 5.94% APR, while a 30-year fixed-rate jumbo loan has an average APR of 6.44%.
How do mortgage rates in Pennsylvania compare to national rates?Pennsylvania's current average APRs for a 30-year fixed-rate mortgage is 5.94%, which is slightly lower than the national average of 6.42%. Meanwhile, for a 5-year adjustable-rate mortgage, the state average APR is 7.37%, compared to the national average of 7.77%.
How does my credit score impact the mortgage rates I get in Pennsylvania?A higher credit score typically qualifies you for low mortgage rates, as lenders view borrowers with high credit scores as less risky. Conversely, a lower credit score may result in higher interest rates.
Are there any special mortgage programs in Pennsylvania to help homebuyers?Yes, Pennsylvania offers mortgage programs like the HFA PreferredTM (LoMI), Keystone Home Loan Program and the Keystone Government Loan to assist homebuyers with their purchases.
How can I get the best possible mortgage rate in Pennsylvania?To secure the best mortgage rates in Pennsylvania, consider putting in a larger down payment, maintaining a strong credit score and shopping around to compare offers from multiple lenders.
What are today's mortgage refinance rates in Pennsylvania?As of August 2024, today's refinance rates in Pennsylvania are 6.89% APR for a 15-year fixed-rate loan and 7.72% APR for a 30-year fixed-rate loan.
How do I calculate my mortgage payments?To calculate your mortgage payments, you can use a mortgage calculator for Pennsylvania. It will provide you with detailed monthly payment estimates based on the loan amount, term and interest rate.
