Pittsburgh Mortgage Rates Survey – Week of February 6, 2012

Written by: PrimeRateNews Staff

Pittsburgh Mortgage Rates Survey – Week of February 6, 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.  First Commonwealth (www.fcbanking.com) and The Northwest Savings Bank (www.northwestsavingsbank.com) offered rates at 3.875% and the Dollar Bank (www.dollarbank.com) offered rates at 3.750%. Three institutions offered rates around 4.000% while the PNC bank (www.pnc.com) and Fidelity Savings Bank (www.fidelitybank-pa.com) offered the highest rates with 4.500% and 4.625% respectively.

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

02/13/12

4.500%

4.442%

3.625%

3.629%

NA

NA

Citizens Bank of Pennsylvania

02/13/12

4.000%

4.038%

3.250%

3.317%

2.625%

3.152%

Dollar Bank

02/13/12

3.750%

3.900%

2.990%

3.127%

2.480%

3.209%

First Commonwealth

02/13/12

3.875%

4.054%

3.125%

3.438%

2.750%

2.899%

Northwest Savings Bank

02/13/12

3.875%

3.919%

3.250%

3.291%

3.750%

3.222%

ESB Bank

02/13/12

4.000%

4.071%

3.250%

3.374%

3.375%

3.444%

Washington Financial Bank

02/13/12

4.125%

4.138%

3.375%

3.396%

3.625%

3.312%

Fidelity Savings Bank

02/13/12

4.625%

4.676%

3.875%

3.961%

3.250%

3.134%

 

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.


LIKE US ON FACEBOOK   

Pittsburgh Mortgage Rates Survey – Week of...

Share Tweet Pin It