Compare mortgage rates and fees for leading lenders in Erie, PA. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Erie.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Erie. Plus, shopping lenders is free and there is no obligation.
October 23, 2019
The current average rate for a 30 year fixed rate mortgage in Erie is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Erie, PA is $141,474
The median household income for Erie, PA is $49,665
Based on current mortgage rates and a 10% down payment, you need to make $26,248 per year to buy the median priced home in Erie
The home price you can afford to buy based on household income in Erie is 189% of the median home value which means housing prices are average
Erie ranks 34 out of 67 counties in Pennsylvania and 1,801 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Erie, PA is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Erie below.
Conforming loan limits for Erie, PA
FHA loan limits for Erie, PA
VA loan limits for Erie, PA
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index