Mortgage Rates in Erie, Pennsylvania — April 2026
Updated April 2026 | Based on Erie market data and regional lending conditions
With a population of 94,831, Erie, Pennsylvania offers a lower cost of living than most metro areas. The current 30-year fixed rate here is 6.7% (0.61% above the national average). At a median home price of $115,000, the estimated $724/month payment (with 20% down) is affordable on the local median income of $38,250.
Whether you call it a 30-year mortgage, 30-year home loan, 30-year house loan, or 30-year mortgage loan, the underlying product is the same: a fixed-rate amortizing loan paid over 360 months. In Erie, PA, the current 30-year rate is 6.7%. Shorter terms (15-year fixed at 5.94% or 20-year fixed, typically priced between the 15- and 30-year) reduce total interest paid but increase monthly payments — see our 15-year vs 30-year comparison for the math. Government-backed options include FHA loans (6.3%) and VA loans (6.1%), often available at lower rates with reduced down payment requirements.
Current Mortgage Rates in Erie, PA
Below are the current average mortgage rates available in the Erie area as of April 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.7% | 6.09% | +0.61% |
| 15-Year Fixed | 5.94% | 5.58% | +0.36% |
| 5/1 ARM | 6.2% | 5.95% | +0.25% |
| FHA | 6.3% | 5.85% | +0.45% |
| VA | 6.1% | 5.65% | +0.45% |
| Jumbo | 6.9% | 6.25% | +0.65% |
Erie Housing Market Overview
Erie is one of the more affordable housing markets, with a median home price of just $115,000 — significantly below the national median. Combined with a property tax rate of 1.36%, the total monthly housing cost of $724 is within reach for many local households earning the median $38,250.
Monthly Payment Breakdown for Erie
Based on the median home price of $115,000 with 20% down ($23,000), here is what you can expect to pay monthly in Erie:
15-Year vs. 30-Year Mortgage in Erie
Choosing a 15-year mortgage in Erie at 5.94% instead of a 30-year at 6.7% would save you $74,700 in total interest over the life of the loan. However, your monthly payment would be $773 instead of $594 — an increase of $179 per month.
Calculate Your Erie Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Erie
What are the current mortgage rates in Erie, PA?
As of April 2026, the average 30-year fixed mortgage rate in Erie, Pennsylvania is 6.7%, while the 15-year fixed rate is 5.94%. FHA loans average 6.3% and VA loans 6.1%. These rates are 0.61% above the national average of 6.09%.
How much is a monthly mortgage payment in Erie?
Based on the median home price of $115,000 with 20% down, the estimated monthly mortgage payment in Erie is $594 for principal and interest. Including property taxes of $130/month, the total monthly housing cost is approximately $724.
What income do I need to buy a home in Erie?
Using the 28% rule, you would need an annual income of approximately $31,029 to afford the median-priced home in Erie at $115,000. The median household income in Erie is $38,250. The median income is currently sufficient to meet this threshold.
Is Erie a good place to buy a home in 2026?
Erie offers a below-average cost of living with a cost of living index of 83.5 (national average = 100). The property tax rate in Pennsylvania is 1.36%, which is near the national average. Erie has a population of 94,831 and offers a very affordable lifestyle.
Mortgage Rates in Other Pennsylvania Cities
Related Tools & Guides
📊 Sources & Methodology
- 30-yr/15-yr fixed rates: Freddie Mac Primary Mortgage Market Survey (PMMS), weekly national average adjusted for Pennsylvania regional spread.
- Median home price: $115,000 sourced from Redfin / Zillow real estate listings (2026 data).
- Property tax rate: 1.36% effective rate per Tax Foundation 2026 state property tax data.
- Median household income: $38,250 per US Census Bureau ACS 5-year estimate.
- Calculations: standard amortization formula M = P[r(1+r)^n] / [(1+r)^n − 1], with r = monthly rate, n = 360 months, P = loan amount (80% of home price).
Last updated: April 2026. Rates are approximate averages based on regional lending data for the Erie, Pennsylvania area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.