Today's Mortgage Rates in Pennsylvania

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Updated: July 16, 2024

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Today's 30-year mortgage rate in Pennsylvania is 6.76%, which aligns with the current average national rate of 6.90% for the same mortgage type. In Pennsylvania, homebuyers can tap into programs like HFA Preferred™ (LoMI) and the Keystone Home Loan Program to possibly reduce their mortgage expenses.

As you explore your home financing options, we'll guide you through understanding 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.

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).

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This data was last updated on July 2, 2024.

Current Mortgage Rates in Pennsylvania

The current mortgage rate in Pennsylvania for a 30-year fixed-rate mortgage is 6.76% as of July 2024. In the previous month, the rate was slightly lower at 6.59%, meaning there's been an increase of 17 basis points. With a $250,000 loan amount and a 20% down payment, this uptick in rate may seem small, but it can add up to an additional $8,109 in total interest over the life of the loan, not factoring in other expenses like property taxes or HOA fees.

Our line chart demonstrates the progression of rates over recent months, giving you a clear view of their trajectory and enabling informed planning.

Current Mortgage Rates in Pennsylvania (Jan to May)

Understanding the current mortgage rate in Pennsylvania can help you budget by setting realistic expectations for your monthly payments. Rates can change from one day to the next, affected by factors like economic conditions and central bank decisions.

Who Needs to Know Current Mortgage Rates in Pennsylvania?

Those seeking to buy a home and existing homeowners considering a refinance stand to gain from understanding today's mortgage interest rates in Pennsylvania, reflecting the pulse of the housing market.

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    First-time homebuyers

    Understanding current mortgage rates in Pennsylvania allows first-time homebuyers to judge what rate offers to expect from lenders and assess their competitiveness.

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    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 6.76% — meanwhile, choosing to refinance your existing loan, that same mortgage type comes with an average APR of 8.15%.

Current Mortgage Rates in Pennsylvania by Loan Type

A 30-year fixed-rate mortgage in Pennsylvania usually comes with a higher interest rate when compared to 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 suits your needs best. Exploring mortgage loan types in Pennsylvania can help you decide on the best fit for your situation. Using a mortgage calculator will assist in crunching the numbers to better understand how these rates will influence your monthly payments.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
5.80%APR5.95%
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INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?

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 6.69%.

APR means annual percentage rate — it 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 for a 30-year fixed mortgage of 6.76%, which helps you understand the full yearly cost of your mortgage.

Current Mortgage Rates in Pennsylvania by Credit Score

In Pennsylvania, if you have a strong credit score of 740 or more and are considering a down payment of 5% to 20%, you can expect an average APR of 7.29% for a 30-year fixed mortgage. On the other hand, with a credit score below 680, the average APR rises to 7.66%.

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:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
10-year FixedAPR5.94%
15-year FixedAPR6.25%
20-year FixedAPR6.90%
30-year FixedAPR7.08%
5-year ARMAPR7.82%
7-year ARMAPR7.62%

Mortgage Types in Pennsylvania

In July 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 6.50%. Knowing your options can help you make an informed choice as you navigate through the mortgage process. Let's take a closer look at the mortgage loan types available in Pennsylvania:

Mortgage Option
Definition
Impact on Rates
Current 30-Year APRs in Pennsylvania

Conventional Loans

Conventional loans in Pennsylvania are not insured by government entities.

Credit standing and down payment size can influence rates on conventional loans.

6.76%

FHA Loans

FHA loans in Pennsylvania are backed by the Federal Housing Administration and designed for low-to-moderate income borrowers.

Mortgage insurance premiums may reflect slightly higher rates for FHA loans.

6.87%

VA Loans

VA loans in Pennsylvania are guaranteed by the Department of Veterans Affairs and are available for veterans and active military members.

VA loans offer competitive rates due to government backing.

6.50%

USDA Loans

USDA loans in Pennsylvania are designed for rural homebuyers and backed by the U.S. Department of Agriculture.

Rates for USDA loans can be lower due to government support and unique borrower requirements.

currently unavailable

Jumbo Loans

Jumbo loans in Pennsylvania exceed the conforming loan limits set by Fannie Mae and Freddie Mac.

Risk assessment on high-value properties influences rates for jumbo loans.

6.79%

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MORTGAGE RATE STRUCTURES IN PENNSYLVANIA

Mortgage rates in Pennsylvania are categorized into two types: fixed and adjustable.

  • Fixed mortgage rates lock in your interest rate, ensuring that your monthly mortgage payments stay the same. This provides stability in your financial planning.
  • Adjustable mortgage rates initially offer a lower rate that can adjust over time, potentially lowering your payments if rates drop.

As of July 2024, for a 30-year fixed rate loan, the average annual percentage rate (APR) in Pennsylvania is 6.76%, while a 7-year adjustable rate mortgage averages at 7.58%.

Mortgage Lenders in Pennsylvania

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 offers homeowner assistance programs. While these are noteworthy options, keep in mind that there is a range of other lenders in Pennsylvania to consider.

The mortgage rate you get in Pennsylvania can vary based on your lender, as they each offer different mortgage options and loan terms. By comparing multiple lenders in the state, you can help ensure that you get the most favorable mortgage rate possible.


  • 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 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 and for FHA loans, a 580 credit score is the requirement. The minimum down payment is 3.5% for FHA and as low as 3% for conventional loans. Customer service is available 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, through both phone and chat options.

    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.

    Pros

    • Online prequalification available
    • Homebuyer programs through partnerships
    • Sunday service for loan advice

    Cons

    • No physical branches available to potential home buyers
    • Does not offer USDA loans
    Rocket

  • 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 is a mortgage lender ready to serve borrowers in Pennsylvania with a variety of mortgage options, including conventional and VA loans. 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.

    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 payment relief options for mortgages
    Truist

  • 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 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 will need at least a 620 score, and 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 every day, 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 home-buying process.

    Pros

    • Offers fast loan commitment letters
    • Open for support on Sundays
    • Speedier than average closing times

    Cons

    • No VA or USDA mortgage options
    • Only operates online, no physical locations
    • Better holds a B+ rating from BBB
    Better

Mortgage Programs in Pennsylvania

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.

Program
Description

HFA 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. Plus, 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 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 both 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.

FAQ: Mortgage Rates in Pennsylvania

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?
How do mortgage rates in Pennsylvania compare to national rates?
How does my credit score impact the mortgage rates I get in Pennsylvania?
Are there any special mortgage programs in Pennsylvania to help homebuyers?
How can I get the best possible mortgage rate in Pennsylvania?
What are today's mortgage refinance rates in Pennsylvania?
How do I calculate my mortgage payments?

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

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