Pennsylvania Mortgage Rates
Find the best Pennsylvania mortgage rates and Philadelphia home loan options. Compare current PA mortgage rates, explore local lenders, and calculate your payments with our Pennsylvania-specific tools.
Pennsylvania Mortgage Calculator
Calculate your monthly mortgage payment using current Pennsylvania rates and local market data. Factor in Pennsylvania property taxes and insurance costs for accurate estimates.
Pennsylvania Mortgage Calculator
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Current Pennsylvania Mortgage Rates by Loan Type
30-Year Fixed Conventional
stable15-Year Fixed Conventional
downFHA 30-Year Fixed
stableVA 30-Year Fixed
downUSDA Rural Development
stable5/1 ARM
upPennsylvania Housing Market Overview
Statewide Market Stats
Philadelphia
Philadelphia County
Pittsburgh
Allegheny County
Allentown
Lehigh County
Erie
Erie County
Reading
Berks County
Scranton
Lackawanna County
Top Mortgage Lenders in Pennsylvania
PNC Bank
Special Programs:
- First-time buyer programs
- Down payment assistance
- Community development
Strengths:
- Strong PA presence
- Local expertise
- Comprehensive banking services
Considerations:
- Higher rates than some competitors
- Slower digital process
Wells Fargo
Special Programs:
- First-time buyer programs
- Jumbo loans
- Construction loans
Strengths:
- National presence
- Variety of programs
- Strong customer service
Considerations:
- Higher closing costs
- Strict underwriting standards
Quicken Loans/Rocket Mortgage
Special Programs:
- VA Loans
- FHA Loans
- Conventional
- Jumbo loans
Strengths:
- Fast digital process
- Competitive rates
- 24/7 service
Considerations:
- No local offices
- Higher closing costs
Citizens Bank
Special Programs:
- First-time buyer discounts
- Physician loans
- Construction-to-permanent
Strengths:
- Strong Northeast presence
- Competitive programs
- Local service
Considerations:
- Limited rural presence
- Average digital experience
Pennsylvania Community Banks
Special Programs:
- Local first-time buyer programs
- Agricultural loans
- Small business owner programs
Strengths:
- Personal service
- Local market knowledge
- Flexible underwriting
Considerations:
- Limited product variety
- Basic technology platform
Pennsylvania Homebuyer Programs & Incentives
Pennsylvania Housing Finance Agency (PHFA)
Pennsylvania Housing Finance Agency
Program Benefits
- Below-market interest rates
- Down payment and closing cost assistance
- Keystone Home Loan Program
- PHFA Conventional Program
Application Process:
Through participating PHFA approved lenders
Eligibility Requirements
- First-time homebuyer (or not owned home in past 3 years)
- Primary residence in Pennsylvania
- Complete homebuyer education course
- Meet income and purchase price limits by county
Keystone Home Loan Program
PHFA
Program Benefits
- 0% down payment loan option
- Below-market interest rates
- No monthly mortgage insurance with 0% down
- Closing cost assistance available
Application Process:
Through PHFA network lenders only
Eligibility Requirements
- First-time homebuyer definition
- Income limits by county
- Property must be in Pennsylvania
- Homebuyer counseling required
USDA Rural Development - Pennsylvania
USDA Rural Development Pennsylvania
Program Benefits
- No down payment required
- No monthly mortgage insurance
- Below-market interest rates
- Property can be existing or new construction
Application Process:
Through USDA approved lenders in PA
Eligibility Requirements
- Property in USDA eligible area
- Income below area limits
- Primary residence only
- Home cannot be designed for income production
Pennsylvania Counties Mortgage & Economic Data
Philadelphia County
Major Employers:
Allegheny County (Pittsburgh)
Major Employers:
Montgomery County
Major Employers:
Bucks County
Major Employers:
Delaware County
Major Employers:
Chester County
Major Employers:
Pennsylvania Real Estate Market Trends & 2024 Outlook
Current Market Trends
- Philadelphia gentrification driving price increases in select neighborhoods
- Pittsburgh market stabilizing after industrial transition
- Suburban counties (Montgomery, Chester) experiencing strong demand
- Rural Pennsylvania benefits from USDA loan programs
- Out-of-state buyers attracted by affordability compared to NYC/DC
2024 Market Projections
Market Challenges
- Aging housing stock requiring renovation
- High property taxes in some counties
- Limited new construction in desirable areas
- Population decline in some rural areas
Market Opportunities
- Strong first-time buyer program availability
- Affordable housing compared to neighboring states
- Diverse employment sectors providing stability
- Historic tax credits for renovation projects
Pennsylvania Mortgage Rates FAQ
What are current mortgage rates in Pennsylvania?
Current Pennsylvania mortgage rates range from 6.325% for 5/1 ARM loans to 7.185% for 30-year fixed conventional loans. FHA rates average 6.925% while VA loans average 6.675%. Rates vary by lender, credit score, loan amount, and location within Pennsylvania.
What is the median home price in Pennsylvania?
The median home price in Pennsylvania is $245,000 as of 2024. Philadelphia homes average $185,000, Pittsburgh averages $165,000, while suburban counties like Montgomery average $425,000 and Chester County $485,000. Rural areas often have significantly lower prices.
What Pennsylvania first-time homebuyer programs are available?
Pennsylvania offers PHFA programs including the Keystone Home Loan with potential 0% down payment, PHFA Conventional Program with below-market rates, and down payment assistance. USDA rural loans, VA loans, and FHA loans are also popular options throughout the state.
Which Pennsylvania counties have the best mortgage rates?
Mortgage rates are generally consistent statewide, but competition is highest in Philadelphia and Pittsburgh metro areas, along with suburban counties like Montgomery, Chester, and Bucks. These areas may have slightly better rate options due to more lender competition.
How do Pennsylvania property taxes affect mortgage payments?
Pennsylvania property tax rates vary significantly by county from 1.08% to 1.85% of assessed value. Chester County has lower rates (1.08%) while Allegheny County has higher rates (1.85%). Property taxes are typically included in monthly mortgage payments through escrow accounts.
What credit score do I need for a Pennsylvania mortgage?
Minimum credit scores for Pennsylvania mortgages vary by loan type: Conventional loans typically require 620+, FHA loans accept scores as low as 580, VA loans often accept 580+, and PHFA programs require 620+. Higher scores (740+) qualify for the best rates from Pennsylvania lenders.
Pennsylvania Mortgage Resources
Ready to Buy a Home in Pennsylvania?
Use our Pennsylvania-specific mortgage calculator to estimate your payments with current rates, local taxes, and insurance costs. Explore Pennsylvania PHFA programs to maximize your savings.