Pittsburgh Mortgage Rates Survey – Week of June 10, 2012

Written by: Primerates Staff

According to a recent Primerates.com survey of Pittsburgh mortgage rates offered by the largest area banks & credit unions, five Pittsburgh institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the Pittsburgh area for well-qualified borrowers. The PNC Bank (www.pnc.com), First Commonwealth (www.fcbanking.com) and Northwest Savings Bank (www.northwestsavingsbank.com) offered rates at 33.75%. Two other institutions, namely the Citizens Bank of Pennsylvania (www.citizensbank.com) and the ESB Bank (www.esbbank.com) offered rates at 4.00% while the Washington Financial Bank (www.mywashingtonfinancial.com) offered rates at 4.13%.

While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan.

Top Pittsburgh Area Banks and Credit Unions As of 30 Yr-Rate 30 Yr-APR 15 Yr-Rate 15 Yr-APR 5/1 ARM-IR 5/1 ARM-APR
PNC Bank 06/10/2012 3.75% 3.88% 3.00% 3.18% NA NA
Citizens Bank of Pennsylvania 06/10/2012 4.00% 4.04% 3.25% 3.31% 2.63% 3.15%
Dollar Bank 06/10/2012 3.63% 3.77% 2.75% 2.98% 2.50% 3.22%
First Commonwealth 06/10/2012 3.75% 3.93% 2.88% 3.19% 2.25% 3.16%
Northwest Savings Bank 06/10/2012 3.75% 3.79% 3.00% 3.04% 3.50% 3.22%
ESB Bank 06/10/2012 4.00% 4.07% 3.25% 3.37% 3.38% 3.44%
Washington Financial Bank 06/10/2012 4.13% 4.14% 3.38% 3.40% 3.13% 3.22%
Fidelity Savings Bank 06/10/2012 3.88% 3.92% 3.00% 3.09% 3.63% 3.26%

 

Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates.


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Pittsburgh Mortgage Rates Survey – Week of June...

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