Compare Today’s Mortgage Rates in Pennsylvania
If you want to review purchase or refinance options in Philadelphia, Pittsburgh, Allentown, Erie, Reading, or nearby cities, you can begin by checking today’s mortgage rates. Pennsylvania offers a range of loan products designed to fit different homebuying and refinancing needs. Comparing rates helps you estimate your monthly payments and choose the plan that matches your goals.
Get a quoteThe rates, APRs, points, and payment examples listed below are current as of today and can change at any time. These examples assume a FICO® Score of 780 or higher, and the down payment mentioned with each loan type. They also assume the property is a single-family primary residence and that you may buy up to one mortgage discount point for a lower interest rate. You can speak with a local loan officer to understand more about how mortgage discount points work.
Today’s Mortgage Rates for Pennsylvania from a Leading Mortgage Broker
Purchase rates
Conventional Fixed Rate Loans
A conventional fixed rate loan offers the same interest rate and monthly payment through the full loan term of 15, 20, or 30 years. Most buyers put down between 3 percent and 20 percent. If the down payment is smaller, private mortgage insurance may be required. Credit score, appraisal value, and closing funds influence loan approval.
Conforming Adjustable Rate Mortgage (ARM) Loans
A conforming adjustable rate mortgage starts with a lower interest rate compared to fixed rate loans. The initial payments are smaller, but the rate can increase or decrease later depending on market trends. ARMs work well for borrowers who plan to move or refinance before the adjustment period begins.
Federal Housing Administration (FHA) Loans
FHA loans, insured by the Federal Housing Administration, are ideal for borrowers who have limited savings or modest credit. The required down payment is usually 3.5 percent, and both upfront and annual mortgage insurance premiums apply. FHA loans help many first-time buyers qualify for financing.
Veteran Affairs (VA) Loans
VA loans, guaranteed by the U.S. Department of Veterans Affairs, allow qualified veterans, active service members, and surviving spouses to buy homes with no down payment and no mortgage insurance. These loans often feature lower rates and flexible qualification standards.
Jumbo Loans
Jumbo loans are for buyers who purchase properties above the conforming loan limit. These loans are common for higher-value homes and come with more detailed underwriting standards. Borrowers generally need larger down payments, higher credit scores, and may pay slightly higher interest rates than standard loans.
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Refinance rates
Conventional Fixed rate loans
A conventional fixed rate refinance gives homeowners predictable monthly payments and a steady interest rate. To avoid private mortgage insurance, most borrowers need at least 20 percent equity. Factors such as credit score, appraisal value, and available funds help determine qualification and pricing.
Conforming Adjustable Rate Mortgage (ARM) Loans
An ARM refinance starts with a lower rate during the early years, which later adjusts based on the market. This type of refinance suits borrowers planning to sell or pay off their loan in a few years. It can lower costs in the short term but may rise later.
Federal Housing Administration (FHA) Loans
FHA refinance loans are helpful for borrowers who have limited home equity or lower credit scores. These government-insured options make refinancing easier, although mortgage insurance applies for the entire loan term.
Veteran Affairs (VA) Loans
VA refinance programs help eligible veterans and service members lower their mortgage payments or switch from adjustable to fixed rates. These loans have no down payment and no mortgage insurance, which makes them among the most affordable refinancing options.
Jumbo Loans
A jumbo refinance is made for homeowners who have properties above the conforming limit. It lets them adjust loan terms or access home equity. Jumbo loans generally require strong credit, larger down payments, and detailed income verification.
Frequently asked questions about mortgage rates
1. What is the difference between a fixed rate and an adjustable rate loan?
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2. Why are FHA loans popular among new buyers?
3. How can VA loans help veterans and service members?
4. When would a jumbo loan be needed?
5. Can I refinance an FHA or VA loan into a conventional mortgage?
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