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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 April 2, 2020
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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.
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How Do Today's Erie, PA Mortgage Rates Compare?

April 2, 2020

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%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Erie, Pennsylvania?

Below we provide helpful information on the real estate market, home prices and housing affordability in Erie. Understand how much you need to earn to afford a home in Erie, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Erie fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Erie is right for you.

The median home value for Erie, PA is $147,274

Based on current mortgage rates and a 10% down payment, you need to make $26,506 per year to buy the median priced home in Erie

With this income, you could qualify for a $132,547 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Erie is $614

The median household income for Erie, PA is $50,825

Based on this income, you can afford a home valued at approximately $282,403

The home price you can afford to buy based on household income in Erie is 192% of the median home value which means housing prices are average. Erie ranks 31 out of 67 counties in Pennsylvania and 1,741 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: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Erie, PA

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Erie, PA

1 unit: $510,400

Additional Mortgage Resources for Erie, PA Residents

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