Pittsburgh Mortgage Rates Survey – Week of February 27, 2012

Written by: PrimeRateNews Staff

Pittsburgh Mortgage Rates Survey – Week of February 27, 2012

According to a recent Primerates.com survey of Pittsburgh mortgage rates offered by the largest area banks & credit unions, three Pittsburgh institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Pittsburgh area for well-qualified borrowers.  The Dollar Bank (www.dollarbank.com) and Fidelity Savings Bank (www.fidelitybank-pa.com) offered 3.75% and Northwest Savings Bank (www.northwestsavingsbank.com) offered rates at 3.88%. Five other Pittsburg institutions offered rates slightly above 4.00%.

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 02/27/2012 4.00% 3.96% 3.13% 3.13% NA NA
Citizens Bank of Pennsylvania 02/27/2012 4.13% 4.16% 3.38% 3.44% 2.75% 3.20%
Dollar Bank 02/27/2012 3.75% 3.90% 2.99% 3.22% 2.48% 3.21%
First Commonwealth 02/27/2012 4.00% 4.18% 3.13% 3.44% 2.38% 3.20%
Northwest Savings Bank 02/27/2012 3.88% 3.92% 3.25% 3.29% 3.75% 3.22%
ESB Bank 02/27/2012 4.00% 4.07% 3.25% 3.37% 3.38% 3.44%
Washington Financial Bank 02/27/2012 4.13% 4.14% 3.38% 3.40% 3.63% 3.31%
Fidelity Savings Bank 02/27/2012 3.75% 3.80% 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...

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