Pennsylvania Mortgage Rates & Loans for Great Credit

Getting the Best Mortgage Rates in Pennsylvania


Pennsylvania Mortgage Rates & Loans for Borrowers with Good, Fair, and Excellent Credit Scores

Refinancing or buying a home in Philadelphia, Pittsburgh, Allentown, Bethlehem, Harrisburg, Erie, Reading, Scranton, Lancaster, or any other city in Pennsylvania will be one of the most important purchases you will ever make.

Taking the time to research and find the best Pennsylvania home mortgage rates (10-year, 15-year, 30-Year Fixed, 5/1, 7/1 ARM, VA or jumbo) before you commit to a long-term mortgage contract is a smart strategy.

In addition, conducting a mortgage comparison before you purchase your home or refinance your mortgage is critical, because today’s Pennsylvania mortgage rates are constantly changing.

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Which Pennsylvania City are You Located in?

Mortgage loans for Pennsylvania based residents with good, best, and excellent credit scores are based on the city in which they are located, as well as on the amount of their home down payment, the total mortgage amount, the neighborhood where the house is located, the overall condition of the house, and a wide range of other factors.

Most mortgage lenders in Altoona, York, Philadelphia, Pittsburgh, Allentown, Harrisburg, Erie, Reading, Bethlehem, and Lancaster require a down payment of around 20%. Below is a list of some of the largest cities in Pennsylvania. 

City Population
Philadelphia 1,527,554
Pittsburgh 307,252
Allentown 119,580
Erie 103,334
Reading 89,630
Scranton 77,637
Bethlehem 76,530
Lancaster 60,870
Harrisburg 51,076
Altoona 47,868
York 45,266
Wilkes-Barre 43,046
Chester 35,520
Williamsport 30,929
Easton 28,348
Lebanon 27,025
Hazleton 26,888
New Castle 24,821
Johnstown 22,526
McKeesport 21,279
Hermitage 17,768
Greensburg 16,440
Pottsville 15,872
Sharon 15,586
Butler 15,305
Washington 15,211
Meadville 14,936
New Kensington 14,664
Coatesville 14,648
St. Marys 14,618
Lower Burrell 13,309
Oil City 12,105
Nanticoke 12,013
Uniontown 11,920
Sunbury 11,453
Lock Haven 11,320
Warren 11,258
Jeannette 11,202
Aliquippa 10,986
Beaver Falls 10,535
Latrobe 10,492
Carbondale 10,439
Bradford 10,318

Table Source: Wikipedia

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Philadelphia Has the Highest Mortgage Interest Rates

According to a study conducted by www.valuepenguin.com, a research company, Philadelphia had the highest mortgage rates in the state. Valuepenguin.com stated that “According to the estimates we received from direct lenders, [Philadelphia] Pennsylvania’s largest metropolitan area had the highest mortgage rates in the state.”

This is important because if you don’t need to live within Philadelphia, then you might want to consider buying a house in the Philadelphia suburbs, or other cities in PA.

Lower rates mean you’ll end up paying much less over the life of the mortgage versus if you were to buy a house within Philadelphia city limits. Just something to keep in mind.

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Conclusion: Mortgage Loan Types in Pennsylvania (PA)

Lenders that provide mortgage loans in Pennsylvania provide a wide range of fixed-rate conventional, as well as adjustable-rate loan types, including those listed below.

Fixed-rate conventional mortgage loans in PA:

  • 10-year mortgage loans
  • 15-year mortgage loans
  • 20-year mortgage loans
  • 30-year mortgage loans

Shorter-termed 10-, 15-, 20-year fixed-rate mortgages normally have lower interest rates than the longer 30-year fixed mortgage loan. For example, below is a conventional mortgage rate table from U.S.Bank’s website that shows reduced rates for 20>15>10-year loans.

Most borrowers seek 30-year mortgage loans. However, if you believe you can afford to pay back a home loan within 15 years, then it is better to go with the shorter period. Adjustable-rate mortgages in Pennsylvania include:

  • 3/1 ARM
  • 5/1 ARM
  • 7/1 ARM

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PA Mortgage Rate Table Disclaimer

Click here to read AdvisoryHQ’s disclaimer on the mortgage loan table(s) displayed on this page.


Image Source: 

https://www.usbank.com/home-loans/mortgage/conventional-fixed-rate-mortgages.html



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