Low Mortgage Rates in Pennsylvania From Total Mortgage

As of February 12, 2010 we at Total Mortgage Services are proud to announce that we are now a licensed lender in the Commonwealth of Pennsylvania. We offer some of the best current mortgage rates in Pennsylvania and look forward to fulfilling Pennsylvania’s mortgage needs for many years to come.

The Pennsylvania housing market is not really one unified market, but rather three disparate markets, with urbanized Pittsburgh and Philadelphia buffering the more rural interior portion of the state.

In Philadelphia home sales are slowly coming back from a three year decline, picking up steam over the last year. The median sales price for a house increased throughout 2009 before retreating a bit in the fourth quarter of 2009.

On the other end of the state, Forbes magazine recently named Pittsburgh as one of the top 25 “Best Bang For the Buck Cities”. Pittsburgh is one of the few cities where housing prices are expected to grow in 2010. Forbes also named Pittsburgh one of the best places to buy a house, as the city by and large did not participate in building explosion leading up to the housing bubble and is not facing a glut of houses.

In Harrisburg and Scranton, cities that did not experience an explosion in home construction during the bubble inflation, home prices and sales declined slightly, but not significantly in 2009.

While mortgage rates across the country increased on Tuesday, mortgage rates in Pennsylvania on a 30 year fixed mortgage fell on average 11 basis points, from 4.89% to 4.78%. In contrast the national rate rose to 4.84%.  We are able to offer interest rates far below the state average. Total Mortgage offers a low 30 year fixed rate of 4.5%.

See some of our other low current mortgage rates for our most popular products in Pennsylvania:

* All rates shown are for 30 day rate locks. Longer locks available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 2 points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $500,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants and are subject to mortgage approval. All rates are subject to change without notice. All rates assume a credit score of 740+ and are subject to change. Rates are quoted from Totalmortgage.com as of 1PM on Wednesday, February 24, 2010.

For the most part it is a buyer’s market right now in Pennsylvania. Nationwide new home sales fell 11% in January to the lowest level since the Commerce Department started keeping track almost fifty years ago. Even reality TV “stars” Jon and Kate Gosselin were forced to sell their former home in Elizabethtown, PA for $70,000 less than the asking price. The conflux of historically low interest rates, government incentives, and undervalued homes will not last forever.  Whether you eat cheesesteaks from Pat’s or Gino’s, sandwiches from Primanti’s, or kisses from Hersheys, Total Mortgage would like to help you secure financing today. We have a team of professionals who understand the market conditions where you live and would like to find a customized solution to your lending needs. Contact us today at 877-868-2503.