Today's Mortgage Rates in Pennsylvania (September 2024)
Updated: September 12, 2024
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The 30-year mortgage rate in Pennsylvania is 6.00%, which is lower than the current average national rate of 6.46%. In Pennsylvania, homebuyers can possibly reduce their mortgage expenses by tapping into programs like HFA Preferred™ (LoMI) and the Keystone Home Loan Program.
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).
This data was last updated on September 2024.
The current mortgage rate in Pennsylvania for a 30-year fixed mortgage is now 6.00% as of September 2024, up from the previous month's 5.94% — a 6 basis point rise. On a $250,000 loan with 20% down, expect to pay about $3,051 of additional expense with this rate change, not including 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.
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.
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 6.00%. Meanwhile, if you refinance your existing loan, the same mortgage type has an average APR of 6.27%.
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.
| 5.20% | APR5.36% |
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 5.93%.
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 6.00% 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 6.49% for a 30-year fixed mortgage. On the other hand, with a credit score below 680, the average APR rises to 6.94%.
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:
| 10-year Fixed | APR5.48% |
| 15-year Fixed | APR5.39% |
| 20-year Fixed | APR6.02% |
| 30-year Fixed | APR6.30% |
| 5-year ARM | APR7.58% |
| 7-year ARM | APR7.49% |
In September 2024, 30-year fixed-rate VA loans have the lowest average APR among the 30-year fixed-rate mortgages in Pennsylvania. 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 Pennsylvania |
|---|---|---|---|
Conventional Loans | Conventional loans in Pennsylvania are not insured or guaranteed by government agencies and are the most common loan type. | Rates for conventional loans may vary based on credit score and down payment amount. | 6.00% |
FHA Loans | FHA loans in Pennsylvania are insured by the Federal Housing Administration and designed to help lower-income borrowers. | FHA loans typically offer lower rates for borrowers with lower credit scores or smaller down payments. | 6.41% |
VA Loans | VA loans in Pennsylvania are guaranteed by the Department of Veterans Affairs and available to service members and veterans. | VA loans often have competitive rates due to government backing, which reduces lender risk. | 5.81% |
USDA Loans | USDA loans in Pennsylvania are backed by the United States Department of Agriculture targeted at buyers in rural areas. | USDA loans can offer lower rates, as they're designed to boost rural development and have government backing. | currently unavailable |
Jumbo Loans | Jumbo loans in Pennsylvania exceed conforming loan limits set by Fannie Mae and Freddie Mac, used for higher-priced properties. | Jumbo loans may carry higher rates due to the larger amount borrowed and increased lender risk. | 6.40% |
Mortgage rates in Pennsylvania are categorized into two types: fixed and adjustable.
As of September 2024, for a 30-year fixed-rate loan, the average annual percentage rate (APR) in Pennsylvania is 6.00%, while a seven-year adjustable-rate mortgage averages 7.26%.
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.
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.
Pros
Cons
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.
Pros
Cons
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.
Pros
Cons
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 Preferred™ (LoMI) | Explore the HFA Preferred™ (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.
Current average APRs in Pennsylvania, as of September 2024, vary depending on different loan types. For example, the average APR for a 30-year fixed conforming loan is 6.00%, while for a seven-year ARM jumbo loan it's 7.13%, among others.
Pennsylvania's current average APRs for a 15-year fixed-rate mortgage and a 30-year fixed-rate mortgage stand at 5.34% and 6.00% respectively, as of September 2024. Comparatively, the national average APRs for the same periods are slightly higher at 5.60% for a 15-year and 6.46% for a 30-year fixed-rate mortgage.
Your credit score significantly influences the low mortgage rates you are eligible for in Pennsylvania. A higher credit score usually translates to lower interest rates, while a lower score may result in higher rates.
Yes, Pennsylvania offers several mortgage programs that can assist homebuyers. Some examples include the HFA Preferred™ (LoMI), Keystone Home Loan Program and Keystone Government Loan.
To get the best possible mortgage rate in Pennsylvania, consider making a larger down payment, improving your credit score and comparing rates from multiple lenders to ensure competitive offers.
As of September 2024, today's refinance rates in Pennsylvania on average is 5.70% for a 15-year fixed-rate loan and 6.27% for a 30-year fixed rate.
Calculating your mortgage payments can easily be done through a mortgage calculator for Pennsylvania, which allows you to input various factors such as home price, down payment, loan term and interest rate to estimate your monthly payments.
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.
