According to a recent Primerates.com survey of Pittsburgh mortgage rates offered by the largest area banks & credit unions, seven Pittsburgh institutions offered rates below 4.00% 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 rates at 3.50%. The Citizens Bank of Pennsylvania (www.citizensbank.com), the Northwest Savings Bank (www.northwestsavingsbank.com) and the ESB Bank (www.esbbank.com) offered rates at 3.75%. First Commonwealth (www.fcbanking.com) offered rates at 3.88% while the Washington Financial Bank (www.mywashingtonfinancial.com) is the only institution offering rates at 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 | 07/28/2012 | 3.63% | 3.61% | 2.88% | 2.67% | NA | NA |
| Citizens Bank of Pennsylvania | 07/28/2012 | 3.75% | 3.79% | 3.00% | 3.06% | 2.63% | 3.07% |
| Dollar Bank | 07/28/2012 | 3.50% | 3.65% | 2.75% | 2.98% | 2.50% | 3.13% |
| First Commonwealth | 07/28/2012 | 3.88% | 4.05% | 2.88% | 3.19% | 2.38% | 3.12% |
| Northwest Savings Bank | 07/28/2012 | 3.75% | 3.77% | 3.00% | 3.04% | 3.38% | 3.07% |
| ESB Bank | 07/28/2012 | 3.75% | 3.82% | 2.99% | 3.11% | 3.13% | 3.19% |
| Washington Financial Bank | 07/28/2012 | 4.00% | 4.01% | 3.25% | 3.27% | 3.00% | 3.09% |
| Fidelity Savings Bank | 07/28/2012 | 3.50% | 3.55% | 2.88% | 2.96% | 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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