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Erie

Current Mortgage Rates in Erie, Pennsylvania

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.

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Mortgage Rates in Erie, PA as of October 23, 2019
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Input your information to receive personalized mortgage quotes from preferred lenders. Comparing proposals from multiple lenders is the best way to save money on your mortgage.

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.

How Do Today's Erie, PA Mortgage Rates Compare?

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%

Mortgage Program
Today's
Erie, PA Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Erie, Pennsylvania?

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

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Loan Limits for Erie, Pennsylvania

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

1 unit: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Erie, PA

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for Erie, PA

1 unit: $484,350

Additional Mortgage Resources for Erie, PA Residents

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Sources

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