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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