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Pennsylvania Mortgage Rates

Pennsylvania Mortgage Rates
Betsalel Cohen

Comparing Pennsylvania Mortgage Rates with National Rates

In order to help you see how Pennsylvania mortgage rates compare with National rates, check out the following rate table from the industry website These rates represent national averages and are based on specific loan assumptions.

Shopping for Best Mortgage Rates in Pennsylvania

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%. Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Pennsylvania

In order to qualify for the best mortgage rates in Pennsylvania it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this article about qualifying for a mortgage.

Mortgage Resources for Pennsylvania

Pennsylvania is the sixth most populous US state. According to the US census, as of 2017, there is an estimated population of over 12.8 million residents, which represents 4% of the US population. Based on HMDA data from the CFPB website for 2015, 43% of the loans originated in Pennsylvania were refinance loans vs 46% nationwide. Home improvement loans represented 5% of mortgage loans in Pennsylvania vs 3% nationwide.

Here are some outside resources that can help you understand the Pennsylvania mortgage environment:

  1. FHA loan amounts in Pennsylvania: (note:set the table to Pennsylvania) There are 67 counties in the state of Pennsylvania of which 1% of the single family units meet the Highest loan limit, currently at $636,150. 87% of the counties are at the Standard loan limit, currently at $275,665. The remaining 12% are between those two limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Pennsylvania and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, so currently 99% meet the base limit of $424,100. The remaining 1% (Pike County) fits into the high limit area of $636,150.
  3. Pennsylvania First Home Buyer Programs: Pennsylvania Housing Finance Agency (PHFA) provides Pennsylvania homebuyers & homeowners low interest loans & counseling. They offer a number of programs including a homeowner loan program, downpayment assistance program, and a mortgage tax credit program. Borrowers must meet eligibility requirements including credit, income and purchase limits.
  4. Check out the Hud’s website for more information about homeowner programs and homeowner education programs.

Mortgage Trends and Statistics for Pennsylvania

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. based on Metropolitan Areas.

Source of Data: FHFA Historical Table - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table V - Averages for Major Metropolitan Areas: Loans Closed

Check out some differences in Two areas in Pennsylvania:

  • Mortgage Rates for Conventional Loans in Two MSAs in Pennsylvania
  • Mortgage Fees in Two MSAs in Pennsylvania
  • Loan Amount in Pennsylvania for Two MSAs
  • LTV over 90% in Two MSAs in Pennsylvania

Mortgage Rates for Conventional Loans in Two MSAs in Pennsylvania

Mortgage Fees in Two MSAs in Pennsylvania

Loan Amount in Pennsylvania for Two MSAs

LTV over 90% in Two MSAs in Pennsylvania for Two MSAs