Current Pennsylvania Mortgage and Refinance Rates

Compare offers to find the best rates for your home loan

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
Privacy Secured  |  Advertising Disclosures
 

Current 30 year-fixed mortgage rates are averaging: 7.52%

Current 15-year fixed mortgage rates are averaging: 6.83%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Compare PA mortgage rates today

loading image

  Refinance rates in Pennsylvania

If you’re looking to refinance your mortgage in Pennsylvania, your options include:

  • Rate-and-term refinance: This type of refinance allows you to swap out your existing loan for one that has an interest rate or loan term that better suits your needs. Locking in a lower interest rate or choosing a longer loan term can help make your monthly mortgage payment more affordable. Meanwhile, selecting a shorter loan term will likely increase your payment, but it can help you pay off your mortgage faster and save thousands in interest charges. Interest rates for rate-and-term refinances tend to be lower than purchase mortgage rates.
  • Cash-out refinance: A cash-out refinance allows you to borrow more money than you owe on your home by leveraging a portion of your home equity. You can then use the funds to cover large expenses, such as home improvements or education costs. Cash-out refinance rates also tend to be higher than purchase rates.
  • Conventional refinance: The term “conventional refinance” refers to any refinance loan that isn’t backed by a government program. Typically, conventional refinances come with higher rates than their federally insured counterparts.
  • FHA refinance: Insured by the Federal Housing Administration (FHA), these refinance loans tend to have more lenient eligibility criteria than their conventional counterparts. FHA rates also tend to run lower: These days, it’s not surprising to see nearly a full percentage point difference between the two. However, in exchange for the lower rate, you’ll likely have extra hoops to jump through during the underwriting process — like meeting more stringent FHA appraisal guidelines — than you might with a conventional refinance.
  • VA refinance: Qualified military borrowers in PA can access low VA loan rates with a VA refinance. These refinance loans are guaranteed by the U.S. Department of Veterans Affairs (VA) and are one of the benefits that veterans, active-duty service members and surviving spouses can access in exchange for their service.

Current 30 year-fixed mortgage refinance rates are averaging: 7.76%

The current average rate for a 15-year fixed mortgage refinance is: 6.99%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
See whether refinancing makes sense for you using our mortgage refinance calculator.

  What is the current mortgage rates forecast for 2024?

Borrowers in the Keystone State may be pleased to hear that the current mortgage rate forecast shows that rates are once again trending in a favorable direction. After peaking at 7.79% last October, mortgage rates began to fall, finishing the year more than a full percentage point lower. Our 2024 predictions for the housing market and overall economy hold that rates will continue to drop this year, spurred mainly by rate cuts from the Federal Reserve.

How do I get the best mortgage rate for my Pennsylvania home loan?

There are many different factors that go into determining mortgage rates. As a borrower, not all of them are within your control — still, there are a few things you can do to ensure you receive the best possible rate, which include:

  1. Boosting your credit score: Your credit score is often the single biggest determining factor in the interest rate you’re given for any loan — and mortgages are no different. As a rule of thumb, the higher your score, the lower your interest rate, so taking steps to improve your score before applying for a home loan can help you save.
  2. Lowering your debt-to-income (DTI) ratio: Your DTI ratio is a measure of your total income versus your total recurring monthly debt payments. It shows lenders how comfortably you’ll be able to take on a mortgage payment. You can lower this ratio by either increasing your income or paying down your debts.
  3. Choosing a freestanding, single-family home: In general, you’ll see lower mortgage rates if you can avoid buying a manufactured home, multifamily home, vacation home or investment property.
  4. Considering purchasing mortgage points: Mortgage points allow you to secure a lower interest rate by paying some of the interest charges upfront. This method typically reduces your rate by about 0.25 percentage points and can reduce the total amount you pay in interest over the long run.
  5. Shopping around for a home loan: Since interest rates are determined on an individual basis, gathering loan estimates from multiple lenders can help you get the best rate. Shopping around can potentially save you thousands on your home purchase, according to LendingTree data.

Read more about our picks for the best mortgage lenders.

loading image

When should I lock in my mortgage rate?

Once you’ve received a loan offer from a lender, it’s a good idea to ask about a mortgage rate lock. As the name suggests, a rate lock will ensure that your interest rate won’t increase before you make it to the closing table.

2024 Pennsylvania home loan programs

Coming up with enough money to cover the upfront costs of buying a home can be difficult for many buyers. Luckily for PA first-time homebuyers and repeat buyers alike, the state offers many home loan programs that can assist with that financial burden. Here are three of the most notable options.

HFA Preferred™ (Lo MI) loan

The Pennsylvania Housing Finance Agency (PHFA) offers conventional loans to low- or moderate-income homebuyers in the state. Open to both first-time and repeat homebuyers, the HFA Preferred™ (Lo MI) loan program offers 30-year fixed-rate loans with affordable mortgage insurance rates for those who plan on putting down less than 20%.

  Who qualifies?

You may be eligible if:

Your gross household income meets the program’s income requirements
Your down payment consists of at least $1,000 of your own funds
You complete a homebuyer education program ahead of closing

Keystone Flex with K-FIT loan

The Keystone Flex with Keystone Forgivable In Ten Years Loan Program (K-FIT) combines first mortgage financing with a forgivable second mortgage that can be used for down payment assistance. Available to low- and moderate-income homebuyers, the second mortgage will be worth either 5% of the home’s purchase price or appraised value, whichever is less. After closing, this loan is then forgiven at a rate of 10% per year.

  Who qualifies?

You may be eligible if:

You meet both specific income and purchase price limits
You have a minimum 660 FICO Score
You complete the required homebuyer education program

Keystone Home Loan Program

Aimed at offering low-down-payment loans to low- to moderate-income homebuyers, the Keystone Home Loan Program offers 30-year fixed-rate loan options from both government-backed and conventional sources. The program is primarily aimed at first-time homebuyers, though repeat buyers may qualify as long as they plan to buy a home located within one of the program’s designated target areas.

  Who qualifies?

You may be eligible if:

You meet certain income and purchase price limits
You have a sufficient credit history and can show an ability to make monthly loan payments
You have access to sufficient funds to make the required down payment

loading image

Learn about different types of PA mortgage loans

Pennsylvania conventional loans: If you have a decent credit score and sufficient funds for a down payment, you’ll likely be a candidate for a conventional loan. These loans are traditionally considered the gold standard of mortgages, as they adhere to the minimum requirements set by Fannie Mae and Freddie Mac.

Pennsylvania FHA loans: Meanwhile, FHA qualifying requirements are typically more lenient than the requirements for conventional loans. Borrowers with at least a 580 credit score only need a 3.5% down payment to qualify for one of these loans. However, the program accepts borrowers with scores as low as 500, as long as you can make a 10% down payment.

Pennsylvania VA loans: Qualified military borrowers in PA may want to take advantage of a VA loan. These loans typically don’t come with a hard-and-fast down payment or mortgage insurance requirement. However, individual lenders may sometimes impose their own qualifying standards.

Pennsylvania streamline refinances: If you’re looking to refinance an existing VA or FHA loan, you may be eligible to take advantage of a simplified refinance process. The FHA streamline refinance and VA interest rate reduction refinance loan (IRRRL) programs both offer eligible borrowers the chance to refinance their existing home loans with fewer requirements to meet and less paperwork to complete (you’ll just need to refinance into a new VA or FHA loan, depending on the type you began with).

  Ready to compare top mortgage lenders with LendingTree?