According to a recent Primerates.com survey of Pittsburgh mortgage rates offered by the largest area banks & credit unions, three Pittsburgh institutions offered rates at 4.00% on 30-year fixed-rate conforming loans in the Pittsburgh area for well-qualified borrowers. The Dollar Bank (www.dollarbank.com), Northwest Savings Bank (www.northwestsavingsbank.com) and Fidelity Savings Bank (www.fidelitybank-pa.com) offered rates at 3.88%. The Citizens Bank of Pennsylvania (www.citizensbank.com) and 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 | 04/16/2012 |
4.00% |
3.93% |
3.13% |
3.13% |
NA | NA |
| Citizens Bank of Pennsylvania | 04/16/2012 |
4.13% |
4.16% |
3.38% |
3.44% |
2.88% |
3.16% |
| Dollar Bank | 04/16/2012 |
3.88% |
4.03% |
2.99% |
3.22% |
2.50% |
3.13% |
| First Commonwealth | 04/16/2012 |
4.00% |
4.18% |
3.13% |
3.44% |
2.63% |
3.17% |
| Northwest Savings Bank | 04/16/2012 |
3.88% |
3.92% |
3.13% |
3.17% |
3.75% |
3.30% |
| ESB Bank | 04/16/2012 |
4.00% |
4.07% |
2.99% |
3.19% |
3.38% |
3.44% |
| Washington Financial Bank | 04/16/2012 |
4.13% |
4.14% |
3.38% |
3.40% |
3.13% |
3.22% |
| Fidelity Savings Bank | 04/16/2012 |
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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