Pennsylvania Mortgage and Refinance Rates

As of Monday, April 7, 2025, current interest rates in Pennsylvania are 6.73% for a 30-year fixed mortgage and 6.12% for a 15-year fixed mortgage.

Refinance rates in Pennsylvania

In 2025, Pennsylvanians who secured mortgages at around 8% in late 2023 might benefit from refinancing to lower rates, potentially around 6%. Meanwhile, those who locked in low rates during the pandemic are less likely to refinance. Additionally, many homeowners now have more tappable equity, making a cash-out refinance an attractive option to leverage this asset for financial goals.

Pennsylvania mortgage rate trends

High mortgage rates and home prices continue to challenge housing affordability in Pennsylvania. Rates are expected to remain around 6% in 2025, with possible brief increases above 7%.

National mortgage rates by loan type-Purchase--table from bankrate.com

National mortgage rates by loan type-Refinance--table from bankrate.com

Mortgage statistics for Pennsylvania

While Pennsylvania is considered to offer relatively affordable housing compared to other states, there are ongoing challenges and initiatives aimed at improving affordability:

• Average home value (as of Nov. 2024): $264,752 (Zillow)

• Homeownership rate (as of Q3 2024): 70.3% (U.S. Census Bureau)

• Homes with price drops (as of Nov. 2024): 27.3% (Redfin)

• Number of homes for sale (as of Nov. 2024): 37,415 (Redfin)

Mortgage options in Pennsylvania

In Pennsylvania, there are several mortgage options available:

• Conventional Mortgages: Requires a minimum credit score of 620 and a debt-to-income ratio of 45% or less. Private mortgage insurance (PMI) is needed for down payments under 20%.

• FHA Loans: Available with a credit score as low as 580 and a 3.5% down payment.

• VA Loans: No down payment or mortgage insurance required for eligible veterans and military personnel, but a funding fee applies.

See more on PA mortgage rates: bankrate.com