Compare mortgage rates in Erie, PA.

Introduction to Mortgage Refinance Rates

Where Mortgage Rates Come From

Mortgage rates are the result of a complex interplay between the broader economic landscape and your personal financial situation. Keep an eye on the bond market, especially the 10-year U.S. Treasury Note, as rates often rise or fall in tandem with this bond price. A cooling housing market can mean lower rates, while a robust economy and rising inflation can nudge them upward.

But economic factors are only part of the picture. Your own financial stats add another layer of complexity as a lender decides what rate to offer you. Lenders will look at the following:

•   Your credit score A conventional mortgage (one not backed by a government agency) typically requires a credit score of 620 or higher. The higher the score, the lower the rate you’ll likely get.

•   Your down payment amount Making a larger down payment can result in a lower interest rate because lenders see a lower default risk.

•   Your debt-to-income (DTI) ratio Mortgage lenders generally like to see a DTI ratio of no more than 36%, though that is not necessarily the maximum.

How Interest Rates Affect Home Affordability

Mortgage rates are a big deal, especially when it comes to buying your first home. Let’s say you’re looking at a $200,000 loan with a 30-year term. At a 6.50% interest rate, your monthly payment would be around $1,264. But if that rate creeps up to 7.00%, you would be paying $1,330 each month. Over 30 years, that seemingly small difference in interest rate adds up to almost $25,000, as you can see from the chart below.

Erie Mortgage Rate Trends

Historical U.S. Mortgage Rates

Having a sense of the history of mortgage rates can provide perspective on current rates for those purchasing property in Erie. While rates have gone up in the last few years, they are still relatively low compared to significantly higher rates of, say, the 1980s. The graph shows a half-century of average mortgage rates. The chart shows how Pennsylvania has tended to stack up against national averages.

Types of Mortgages Available in Erie

In Erie, you have many types of mortgage loans to consider. Before you begin your home loan search, familiarize yourself with some of the more common kinds:

Recommended: The Best Affordable Places in the U.S.

Wondering if You Should Wait for Interest Rates to Fall?

Homebuyers in Erie might be pondering whether to hold off on a purchase in hopes of a future drop in interest rates. Current predictions suggest that interest rates are expected to remain relatively stable through 2025, ending the year around 6.30%. This suggests that if you are financially prepared to purchase a home now, it might make sense to go ahead. Remember that you have the option to undertake a mortgage refinance down the line if rates do happen to dip.

The Cost of Living in Erie

Erie offeres a comfortable cost of living that is 12 percent below the average cost of living in the U.S. Food, housing, and health care are all more affordable than average here. The median home sale price in Erie is a remarkably low $142,000, according to Redfin, less than half the national median sale price, which tops $400,000. The housing market in Erie is very competitive, however. Many homes get multiple offers, some with waived contingencies.

Get Your Best Possible Rate in Erie

To land the most favorable mortgage rates in Erie, you’ll want to start by ensuring your credit score is strong. This can open the door to better loan terms. Check your credit report for inaccuracies, and pay every bill on time. Next, work on reducing your monthly debts to achieve a debt-to-income (DTI) ratio of 36% or less. A higher down payment can also work in your favor, potentially helping to secure a lower interest rate. Going through the mortgage preapproval process is a smart move. It will help you understand exactly what a lender thinks you can afford to borrow, and having preapproval will be helpful in Erie’s competitive home-buying market.

Helpful Tools & Calculators

A mortgage payment calculator can be a very helpful tool, allowing you to estimate your potential monthly payments and the overall cost of different mortgage rates in Erie. It’s just one of our favorite homebuyer calculators.

How to Evaluate Loan Offers in Erie

Securing a competitive mortgage rate is a key step in saving money over the life of your loan. You’ll want to spend some time comparing loan offers in Erie. Once you’ve gotten interest rates and fees from several lenders, do a side-by-side comparison. Don’t just study the interest rates — focus on the annual percentage rate (APR), which encompasses fees, closing costs, and discount points. Once you have found a loan that is attractive to you, you can usually lock in the rate for up to 90 days, providing peace of mind. (Lenders do tend to charge a fee for a rate lock.)

Erie Mortgage Resources

Pennsylvania offers several programs to aid homebuyers, especially those who are in the market for the first time or who have limited financial means. The Pennsylvania Housing Finance Agency (PHFA) is your best resource, with offerings like the Keystone Advantage Assistance Loan program and the HOMEStead Down Payment and Closing Cost Assistance Loan. Down payment assistance programs and loans with forgiving terms can significantly ease the financial load of purchasing a home. And remember to explore local programs in Erie for possible added support.

Recommended: Average Monthly Expenses for One Person

Closing Costs in Erie

Homebuyers in Erie can expect to pay between 2% and 5% of the loan amount in closing costs. The total amount you’ll pay can vary based on the home’s purchase price and its location. Common closing costs include loan origination fees, appraisal fees, and title insurance. To keep these costs down, it’s important to shop around for the best rates and terms and to negotiate with your lender. Understanding what’s included in your mortgage payment can help you budget more effectively and find the most cost-effective loan for your needs.

The Takeaway

Erie’s mortgage landscape offers a wide variety of options for people looking to buy a home in the area. By keeping an eye on current mortgage rates in Erie and looking into available assistance programs, you can make more strategic and informed decisions that align with your financial goals. Whether you’re a first-time buyer or a seasoned homeowner, taking the time to compare mortgage rates in Pennsylvania can potentially lead to significant savings.

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FAQ

Will mortgage rates drop in Erie, Pennsylvania?

Right now, the latest forecast suggests that the average mortgage rate will end 2025 at around 6.30%. But predicting the exact movements of mortgage rates is no easy feat. Keep an eye on economic trends and the price of the 10 Year Treasury Note for a hint of what is to come.

Will Erie, Pennsylvania home prices ever decrease?

Erie home prices are a reflection of supply and demand, as well as larger economic factors. But the median home sale price in Erie is already quite low for a U.S. city, so it seems unlikely that you will see a dramatic drop any time soon.

How do I lock in a mortgage rate?

To lock in a mortgage rate, you’ll need to examine your finances and shop around to find the loan with the best rate, term, and fees for your budget. Once you determine your ideal loan, locking it in is just about making a simple call or sending a message to your chosen lender. You’ll pay a fee to lock in your preferred rate for up to 90 days while you solidify your home purchase.

How do interest rates on mortgages work?

Mortgage interest rates reflect the cost of borrowing money and are usually expressed as a percentage of the loan amount. These rates are influenced by both your personal financial profile and the broader economy. Rates can be fixed or variable. When you make a payment, a portion of it goes toward the principal that you owe and a portion of it pays for the interest. To see what amount is going where, review the amortization schedule for your loan.

Compare mortgage rates in Richmond.

Introduction to Mortgage Rates

Where Mortgage Rates Come From

See what factors impact your mortgage.

See how different loan amounts, down payments, and other factors impact your home mortgage with our mortgage calculator.

How Interest Rates Affect Home Affordability

Even a small change in mortgage rates in Richmond can make a big difference in the affordability of a home for potential buyers. Consider the chart below, which shows costs of a $300,000 loan at different interest rates, 6.00% and 7.00%. The lower rate saves a homebuyer almost $70,000 over the life of a 30-year loan. You can also see how the loan term impacts costs. Shorter terms usually have higher monthly costs than longer terms do — but lower interest expenses in the long term.

Richmond, Virginia Mortgage Rate Trends

Historical U.S. Mortgage Rates

Having a sense of the history of mortgage rates can offer valuable perspective on the interest rates you’re currently seeing in Richmond, Virginia. To get some perspective on what “high” and “low” rates have looked like in the U.S. as a whole over the last half-century, consider the graphic. Yes, current rates are higher than they were during the historic lows of 2021. But they are still far from the levels we saw in the 1980s.

The accompanying chart shows how Virginia’s rate has compared to the national average in more recent times — as you can see, the state rate runs very close to the national average. (The Federal Housing Finance Agency stopped compiling this data after 2018.)

Types of Mortgages Available in Richmond

The kind of mortgage you choose will have an effect on your interest rate, and in Richmond, you have access to every type of mortgage loan. Before you choose the type of loan you think will work for you, familiarize yourself with the more common options available:

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Are You Waiting for Interest Rates to Take a Dive?

If you’re buying a home in Richmond, you might be pondering whether to hold off on your purchase in hopes of a drop in mortgage rates. While it’s always good to be savvy about market trends, the current outlook suggests that rates are likely to hold steady in the coming months. As of March 2025, experts predict that average mortgage rates in Virginia will hover around 6.30% by the year’s end. But here’s the good news: Should rates take a dip down the road, you can always consider a mortgage refinance to capitalize on potential savings.

The Cost of Living in Richmond

When it comes to the cost of living, Richmond is a pretty good deal. Its cost of living index is 6 points below the cost of living in the U.S. (see how it stacks up against other Virginia cities in the chart below). Home prices have been rising, however. The median sale price of a home was $387,000 in early 2025.

Get Your Best Possible Rate in Richmond

To get the most favorable mortgage rate in Richmond, there are a few steps to take. As soon as possible, check your credit report and request corrections on any inaccuracies. Pay every bill on time. Next, examine your debts. Is your DTI ratio below 36%? Can you pay down any of what you owe? Lenders will also look at your income, assets, and employment history.

Going through the mortgage preapproval process can help you set a budget and make your offer more attractive to sellers. You may also want to consider different types of mortgage loans, such as adjustable-rate mortgages (ARMs) with lower initial interest rates.

Helpful Tools & Calculators

Using a mortgage payment calculator is a smart move. It helps you see how different mortgage rates in Richmond can impact your monthly payments. But a calculator is only one of the useful tools we have for home-shoppers.

How to Evaluate Loan Offers in Richmond

Given that even half a percentage point reduction in interest rate can add up to substantial savings over the loan’s life, it’s worth your time to secure loan offers from multiple lenders. Once you have these in hand, compare rates and fees. Pay special attention to the annual percentage rate (APR), which encompasses fees, closing costs, and discount points. Found a loan offer that suits you? Consider locking in the rate for up to 90 days by paying a fee to the lender. This can provide peace of mind if you’re concerned about potential rate hikes while you’re finishing up your purchase.

Recommended: Average Monthly Expenses for One Person

Richmond Mortgage Resources

Virginia offers a variety of resources and programs to help you with the buying process, especially if you are buying your first home or are on a tight budget (or both). Virginia Housing provides several options, including a down payment assistance program that offers first-time homebuyers a 1% grant toward expenses and a closing cost assistance grant as well. There are also conventional and government loans through the First Mortgage program.

Closing Costs in Richmond

When it comes to closing costs in Richmond, buyers typically pay between 2% and 5% of the loan value. Several factors can influence how much you’ll pay in closing costs in Richmond, Virginia, including the value of the property and where it’s located. Common closing costs in Richmond include loan origination fees, fees for appraising the property’s value, and title insurance to protect your ownership.

The Takeaway

Richmond’s mortgage landscape presents a diverse set of options for prospective homebuyers in the area. Staying informed regarding current mortgage rates and exploring available assistance programs can help you find a loan that aligns with your financial goals. Whether you’re a first-time buyer navigating the market or a seasoned homeowner considering refinancing options, understanding the various mortgage types and resources that are available can be extremely helpful in securing the best possible rate.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

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FAQ

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.

†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

SOHL-Q225-081

Compare mortgage rates in Puxico.

Introduction to Puxico Mortgage Interest Rates

Where Mortgage Rates Come From

Mortgage rates are influenced by a variety of factors tied to the economy and the financial markets. The bond market, particularly the 10-year U.S. Treasury Note, is viewed as a good indicator of where mortgage rates are headed. The performance of the housing market, inflation and unemployment also influence mortgage rates. Generally, when the economy is doing well, mortgage rates will rise. Understanding these key factors can help you lock in the best mortgage rates in Missouri at the right time for you and your family.

Once a lender has a general idea of the rate it will charge, it will fine-tune the percentage based on each borrower’s personal financial metrics. These include:

•  Your credit score A conventional mortgage (one not backed by a government agency) typically requires a score of 620 or more — but the higher, the better.

•  Your down payment amount A larger down payment can result in a lower interest rate.

•  Your debt-to-income (DTI) ratio In general, mortgage lenders like to see a DTI ratio of no more than 36%, though that is not necessarily the maximum.

See how your debt level may affect your mortgage

Use SoFi’s debt-to-income calculator to determine your personal DTI number..

How Interest Rates Affect Home Affordability

Mortgage rates make all the difference when it comes to home affordability. For example, let’s say you want to borrow $200,000, which wouldn’t be uncommon in Puxico, where home prices fall in the $150,000 to $200,000 range. The chart below shows how one percentage point could make a difference in your monthly payments and your total interest paid on a $200,000 loan. As you can see, switching from a longer to a shorter loan term also changes what you pay. A shorter term means a higher monthly payment but less interest paid over the life of the loan.

Puxico, Missouri Mortgage Rate Trends

Historical U.S. Mortgage Rates

The history of mortgage rates in the U.S. is quite the rollercoaster. While rates have gone up in the last few years, they are still relatively low compared to the significantly higher rates of, say, the 1980s in Missouri and throughout the country.

The graphic will give you a sense of perspective: It’s not often mortgage rates in Puxico dip below 4.00%. The chart shows how Missouri has tended to compare to national averages (the Federal Housing Finance Agency stopped compiling state averages after 2018.)

Types of Mortgages Available in Puxico, Missouri

Puxico may be a small town, but it offers pretty much any type of mortgage loan you might be looking for. By taking the time to explore these common options, you can secure the best mortgage rates in Puxico, bringing your dream of homeownership within reach.

Wondering if You Should Wait for Interest Rates to Dip?

For those of you pondering a home purchase in Puxico, the question of waiting for mortgage rates to drop may arise. According to the latest forecasts, rates are likely to hold fairly steady in the near future, with an anticipated average of around 6.30% by the close of 2025. While a potential drop in rates could mean savings for you, it’s equally important to weigh the current state of the housing market and your own financial readiness. Remember that the sooner you buy, the sooner you can build equity in the property. And keep in mind, homeowners always have the option to refinance if rates take a significant downturn.

Recommended: The Best Affordable Places in the U.S.

The Cost of Living in Puxico

Puxico has a low cost of living. This small, rural town has a low median home sale price that’s well under $200,000, which is great news if you’re in the market for a new home. The average monthly expenses for one person aren’t going to be very high here, either. However, the median household income in Puxico, at under $60,000, is well below the national average for the U.S.

Get Your Best Possible Rate in Puxico

To secure the best mortgage rates in Puxico, would-be homeowners should focus first on their credit score. Check your credit report and request any inaccuracies be corrected. And pay every bill on time. To the extent possible, try to pay down your debts to ensure a DTI ratio of 36% or less. Increasing your down payment, if possible, can also help you secure a lower rate.

Lenders will also review your income and assets, so make sure you have a steady employment history and enough savings to cover at least a few months’ worth of mortgage payments. If you go through the mortgage preapproval process you’ll come away with a clear understanding of what a lender feels you can afford. A preapproval letter can be useful to have on hand — it shows a seller you’re serious about buying.

Helpful Tools & Calculators

Each of the calculators shown here will be useful during the home-buying process. A mortgage calculator, for example, can unveil the impact of different interest rates and down payment amounts on your monthly payments.

How to Evaluate Loan Offers in Puxico

A competitive mortgage rate can make a big difference in the total amount you’ll pay over the life of your loan. Even a difference of less than a full percentage point can save you thousands of dollars. But when evaluating loans from different lenders (and you should get multiple estimates), don’t just look at the interest rate. Compare the annual percentage rate (APR) instead, which includes the interest rate as well as the fees, mortgage points, and closing costs.

Recommended: The Cost of Living in the U.S.

Puxico Mortgage Resources

Missouri offers several homebuyer assistance programs, including down payment assistance programs, tailor-made for those who qualify as a first-time homebuyer and those with limited resources. The Missouri Housing Development Commission (MHDC) is a great place to start, offering the First Place Program for first-time homebuyers and veterans, with below-market interest rates and help with closing costs and down payments. The Next Step Program is another option. It has higher income and purchase price limits, and both first-time and repeat homebuyers can be eligible. There is also a Mortgage Credit Certificate that provides first-time buyers with a federal income tax credit.

Closing Costs in Puxico

For those ready to call Puxico home, closing costs typically range from 2% to 5% of the loan value. These costs can vary based on many factors, like the property’s value and location. Expect to see common expenses such as loan origination fees, appraisal fees, and title insurance.

The Takeaway

Puxico’s mortgage landscape offers a range of options for homebuyers. By staying informed about current mortgage rates in Puxico and exploring assistance programs, you can make strategic decisions that align with your financial goals. Whether you’re a first-time buyer or a seasoned homeowner, understanding the different types of mortgages and the factors that influence mortgage rates in Missouri can help you secure the best possible deal.

View your rate

FAQ

Will mortgage rates ever go back to normal?

What one buyer in Puxico considers “normal” may be abnormal to another. While average U.S. rates have increased in recent years above the historic lows of 2021, they are still well below peaks seen in previous decades. So waiting for “normal” rates may be less helpful than asking yourself if you can afford to purchase a home and if this is the right time to do so.

Will Puxico, Missouri home prices ever drop?

Home prices in Puxico are influenced by supply and demand, and in a town as small as Puxico, they can be especially unpredictable since inventory is quite limited. Current prices, however, are already quite low.

How can you lock in a mortgage rate?

To lock in a mortgage rate in Puxico, you’ll want to first screen multiple lenders’ loan offers to find the best rate for you. Once you have compared them and chosen a winner, simply call or email to request a rate lock. You may have to pay a fee, but it can be worth it for peace of mind as you solidify your home search. Different lenders have different timelines, but a rate lock might be around 90 days.

How do mortgage interest rates function?

Mortgage interest is the cost of borrowing funds to purchase a home, typically expressed as a percentage. This interest is a part of your monthly payment, which also includes the repayment of the loan’s principal. For example, a $330,000 mortgage at a 6.00% interest rate over 30 years would ultimately cost you $712,266, with $382,266 of that being the interest.