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.
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.
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