Mortgage Rates in Philadelphia, Pennsylvania — March 2026
Updated March 2026 | Based on Philadelphia market data and regional lending conditions
Philadelphia is a major metropolitan area in Pennsylvania with a population of 1,603,797. The current 30-year fixed mortgage rate in Philadelphia is 6.7%, which is 0.05% above the national average. With a median home price of $235,000 and a 20% down payment of $47,000, homebuyers can expect a monthly principal and interest payment of approximately $1,213.
Current Mortgage Rates in Philadelphia, PA
Below are the current average mortgage rates available in the Philadelphia area as of March 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% | 6.65% | +0.05% |
| 15-Year Fixed | 5.94% | 5.89% | +0.05% |
| 5/1 ARM | 6.2% | 6.15% | +0.05% |
| FHA | 6.3% | 6.25% | +0.05% |
| VA | 6.1% | 6.05% | +0.05% |
| Jumbo | 6.9% | 6.85% | +0.05% |
Philadelphia Housing Market Overview
The Philadelphia housing market offers relatively affordable housing compared to many major cities. The median household income in Philadelphia is $49,127, and the cost of living index is 102.1 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $63,386 to comfortably afford the median-priced home in Philadelphia, which exceeds the current median household income.
Monthly Payment Breakdown for Philadelphia
Based on the median home price of $235,000 with 20% down ($47,000), here is what you can expect to pay monthly in Philadelphia:
15-Year vs. 30-Year Mortgage in Philadelphia
Choosing a 15-year mortgage in Philadelphia at 5.94% instead of a 30-year at 6.7% would save you $152,280 in total interest over the life of the loan. However, your monthly payment would be $1,580 instead of $1,213 — an increase of $367 per month.
Calculate Your Philadelphia 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 Philadelphia
What are the current mortgage rates in Philadelphia, PA?
As of March 2026, the average 30-year fixed mortgage rate in Philadelphia, 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 0.05% above the national average of 6.65%.
How much is a monthly mortgage payment in Philadelphia?
Based on the median home price of $235,000 with 20% down, the estimated monthly mortgage payment in Philadelphia is $1,213 for principal and interest. Including property taxes of $266/month, the total monthly housing cost is approximately $1,479.
What income do I need to buy a home in Philadelphia?
Using the 28% rule, you would need an annual income of approximately $63,386 to afford the median-priced home in Philadelphia at $235,000. The median household income in Philadelphia is $49,127. This means most households would need to either earn above the median or consider homes below $235,000.
Is Philadelphia a good place to buy a home in 2026?
Philadelphia has a moderate cost of living with a cost of living index of 102.1 (national average = 100). The property tax rate in Pennsylvania is 1.36%, which is near the national average. As a major city with 1,603,797 residents, Philadelphia offers diverse employment opportunities and amenities.
Mortgage Rates in Other Pennsylvania Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Philadelphia, Pennsylvania area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.