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If you're planning to purchase a home in Pennsylvania, it helps to keep your housing costs as low as possible. You can achieve that goal by snagging the best mortgage rate. Shopping around with multiple mortgage lenders is smart, since lenders have different borrowing requirements. Below, we’ll help you get a head start with today’s mortgage rates in Pennsylvania.
For today, January 22nd, 2022, the current average mortgage rate in Pennsylvania for a 30-year fixed-rate mortgage is 3.711%, the average rate for a 15-year fixed-rate mortgage is 2.890%, and the average rate for a 5/1 adjustable-rate mortgage (ARM) is 2.000%. Rates are quoted as annual percentage rate (APR) .
Current Mortgage and Refinance Rates in Pennsylvania
Rates As of Jan 21, 2022
| Product | Interest Rate | Average Points/Credits |
|---|---|---|
| Fixed 30 Year | 3.711% | 0.396 |
| Fixed 20 Year | 3.347% | 0.509 |
| Fixed 15 Year | 2.890% | 0.682 |
| Fixed 30 Year - FHA | 3.740% | 0.495 |
| Fixed 30 Year - VA | 3.519% | 0.591 |
| Fixed 30 Year - Jumbo | 3.284% | 0.083 |
| Fixed 30 Year | 3.795% | 0.897 |
| Fixed 20 Year | 3.496% | 0.538 |
| Fixed 15 Year | 2.993% | 0.875 |
| Fixed 30 Year - FHA | 3.649% | 1.442 |
| Fixed 30 Year - VA | 3.255% | 1.194 |
| Fixed 30 Year - Jumbo | 3.203% | 0.313 |
5 affordable places to live in Pennsylvania
You can find plenty of low-cost housing in Pennsylvania. Here are some cities worth looking at.
1. Pittsburgh
Pittsburgh is known for its exciting food scene and rich local culture, and with a number of Fortune 500 companies, it's loaded with job opportunities. The median home value in Pittsburgh is $116,300, according to Niche. That’s well below the median home value statewide -- $198,377, according to Zillow. At the same time, the average property tax rate in Allegheny County is 2.22% of a home's assessed value (Tax-Rates.org). That’s pretty high compared to the average property tax rate statewide, which is just 1.35% of a home's assessed value.
2. Philadelphia
Culture, fine food, and history make Philadelphia an exciting city to call home. The median home value in Philadelphia is $156,800, though keep in mind that if you stay inside city limits (not the suburbs), you may end up with limited square footage. Meanwhile, the average property tax rate in Philadelphia County is 0.91% of a home's assessed value -- well below the state average.
3. Erie
Two hours north of Pittsburgh, Erie is home to a large network of parks, and attracts families and young professionals. The city is also known for the performing arts, including the Erie Philharmonic. The median home value in Erie is $87,800, while the average property tax rate in Erie County is 1.83% of a home's assessed value.
4. Allentown
On the Lehigh River, Allentown has undergone a huge revitalization in recent years. Once known as an industrial town, it's now hailed for its arts, culture, and entertainment. The median home value in Allentown is $126,700, while the average property tax rate in Lehigh County is 1.48%.
5. Munhall
Right outside Pittsburgh, Munhall is known for its bars, restaurants, and parks, and the area is popular among young professionals and retirees alike. The median home value in Munhall is a relatively low $90,400, but the average property tax rate in Allegheny County is a high 2.22% of a home's assessed value.
There are plenty of good reasons to buy a home in Pennsylvania. But before you apply for a mortgage, it helps to work on boosting your credit score and lowering your debt-to-income ratio. Doing so will position you to snag the best mortgage rates statewide.
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The Ascent's best mortgage lenders
If you want to uncover more about the best mortgage lenders for low rates and fees, our experts have created a shortlist of the top mortgage companies. Some of our experts have even used these lenders themselves to cut their costs.
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