If you want to purchase a home in Pennsylvania, you’ll want to make certain you land the best mortgage rate possible.Your rate will vary, depending on a range of criteria, such as your annual income, your debt-to-income ratio, the amount of money you plan to use as a down payment, and your credit score.
To ensure the best Pennsylvania mortgage rate, you need to be prepared. Several things you can do to get ready are to check your credit score before you apply for the loan, gather the necessary documents before you speak to a loan officer, and obtain preapproval from a professional mortgage lender for your loan.
Here’s a quick look at current Pennsylvania mortgage rates:
| Loan Program | Mortgage Rate | APR* | 1 Day Change |
|---|---|---|---|
| Conventional 30 year fixed | 6.587% | 6.668% | -0.13% |
| Conventional 20 year fixed | 6.494% | 6.604% | -0.2% |
| Conventional 15 year fixed | 5.945% | 6.079% | -0.06% |
| Conventional 10 year fixed | 5.96% | 6.146% | -0.11% |
| Conventional 7 year ARM | 6.645% | 7.147% | +0.08% |
| Conventional 5 year ARM | 6.508% | 7.212% | -0.28% |
| VA 30 year fixed | 6.125% | 6.423% | +0.12% |
| VA 15 year fixed | 5.7% | 6.326% | +0.23% |
| VA 5 year ARM | 6.409% | 6.679% | +0.06% |
Data source: ©Zillow, Inc. Use is subject to the Terms of Use
Are you considering buying a home in Pennsylvania? The Keystone State may be the place you find your dream home. Here’s what you need to know about the state.
Pennsylvania has a population that has topped 12.7 million persons, and more than one in ten live in Philadelphia. One in twenty live in the state’s next largest cities (which don’t include Harrisburg, the state capital):
Next, it’s time to calculate how much home you can afford. Pennsylvania ranks 33rd in US homes for sale at average price, and 16th for homes over $1,000,000. If you want to plan your budget before you go look at houses, loan preapproval is key.
First-time homebuyers may qualify for a program administered by the Pennsylvania Housing Finance Agency (PHFA), offering 30-year, fixed-rate mortgages with affordable interest rates and fewer fees.
The HOMEstead Downpayment and Closing Cost Assistance Loan can provide between $1,000 and $10,000 in down payment and closing cost assistance as a no-interest second mortgage loan that is forgiven over five years at 20% per year.
The Keystone Advantage Assistance Loan Program offers an interest-free second mortgage for up to 4% of the home price or $6,000, whichever is lower. This can be used toward the down payment or closing costs, and has an easy 10-year repayment schedule.
Some requirements apply to these programs:
If it’s time to refinance a home in Pennsylvania so that you can take advantage of favorable Pennsylvania mortgage rates, here are some strategies to consider:
You may be qualified to apply for a streamlined refinance depending on your current loan type. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.