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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