Pittsburgh Mortgage Rates Survey – Week of July 30, 2012

Written by: BetterFinancePath Staff

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.


Pittsburgh Mortgage Rates Survey – Week of July...

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