First Commonwealth Bank Mortgage Rates, Fees & Info

Indiana, PA

LEI: VN1JLT1F3FLLVN3FZG89

Tax ID: 25-0964885

5 stars - Updated: 7/20/24 - out of 5 stars, based on 68 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

First Commonwealth Bank is a smaller bank specializing in Home Purchase and Refi loans. First Commonwealth Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Pittsburgh, Columbus, Cincinnati, Canton, and Cleveland among others. We have data for 86 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Commonwealth Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Commonwealth Bank is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 3.51% 7/20/24
30 Year Conventional Purchase 6.67% 7/20/24
30 Year Conventional Refi 6.51% 7/20/24
30 Year Cash-out Refi 6.27% 7/20/24
30 Year FHA Purchase 7.16% 7/20/24
30 Year FHA Refi 6.97% 7/20/24
30 Year VA Purchase 6.12% 7/20/24
30 Year VA Refi 5.85% 7/20/24
30 Year USDA Purchase 6.73% 7/20/24
15 Year Conventional Purchase 6.12% 7/20/24
15 Year Conventional Refi 5.70% 7/20/24
15 Year Cash-out Refi 5.70% 7/20/24
15 Year FHA Purchase 7.10% 7/20/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

First Commonwealth Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from First Commonwealth Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

4,607

Origination Dollar Volume (All Markets)

$787,295,000
Show all (15) awards

Relative Rate

First Commonwealth Bank's average 30 year fixed mortgage rate was 5.07%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -1.41%.

Relative Fees (Closing Costs)

First Commonwealth Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,826.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
PITTSBURGH, PA (FHA|USDA|VA) 1,685 $223,465,000 $132,620 $1,863 5.50%
COLUMBUS, OH (FHA|USDA|VA) 517 $200,165,000 $387,166 $2,116 5.49%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 147 $52,865,000 $359,626 $2,380 5.61%
CANTON-MASSILLON, OH (FHA|USDA|VA) 370 $44,610,000 $120,568 $1,814 5.36%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 76 $28,490,000 $374,868 $4,383 6.09%
AKRON, OH (FHA|USDA|VA) 105 $23,275,000 $221,667 $4,191 6.00%
JOHNSTOWN, PA (FHA|USDA|VA) 246 $23,060,000 $93,740 $2,966 5.99%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 97 $20,775,000 $214,175 $3,966 6.30%
Outside of Metro Areas 190 $16,960,000 $89,263 $1,734 5.51%
ALTOONA, PA (FHA|USDA|VA) 164 $13,420,000 $81,829 $1,773 5.69%
Indiana, PA (FHA|USDA|VA) 137 $12,685,000 $92,591 $1,895 5.40%
New Castle, PA (FHA|USDA|VA) 130 $11,420,000 $87,846 $1,408 5.55%
DuBois, PA (FHA|USDA|VA) 96 $10,690,000 $111,354 $1,571 5.86%
DAYTON-KETTERING, OH (FHA|USDA|VA) 30 $9,150,000 $305,000 $4,045 6.22%
WILLIAMSPORT, PA (FHA|USDA|VA) 107 $9,085,000 $84,907 $1,112 4.76%
St. Marys, PA (FHA|USDA|VA) 87 $7,435,000 $85,460 $2,142 5.92%
Somerset, PA (FHA|USDA|VA) 74 $6,770,000 $91,486 $2,984 5.71%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 32 $5,500,000 $171,875 $2,301 5.49%
Mount Vernon, OH (FHA|USDA|VA) 15 $4,975,000 $331,667 $5,034 6.45%
Salem, OH (FHA|USDA|VA) 34 $4,420,000 $130,000 $3,652 6.62%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $4,330,000 $2,165,000 $11,308 5.62%
OCEAN CITY, NJ (FHA|USDA|VA) 1 $4,005,000 $4,005,000 $0 5.21%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 12 $3,270,000 $272,500 $2,904 5.89%
Wilmington, OH (FHA|USDA|VA) 5 $2,825,000 $565,000 $5,789 6.65%
STATE COLLEGE, PA (FHA|USDA|VA) 28 $2,630,000 $93,929 $852 4.95%
Ashtabula, OH (FHA|USDA|VA) 13 $2,555,000 $196,538 $2,277 5.19%
Sunbury, PA (FHA|USDA|VA) 24 $2,450,000 $102,083 $910 5.61%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 5 $2,245,000 $449,000 $6,749 6.80%
Lock Haven, PA (FHA|USDA|VA) 36 $2,170,000 $60,278 $0 5.08%
Lewisburg, PA (FHA|USDA|VA) 21 $2,025,000 $96,429 $387 5.55%
TOLEDO, OH (FHA|USDA|VA) 5 $1,685,000 $337,000 $4,217 6.77%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $1,625,000 $541,667 $8,313 6.29%
BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 10 $1,620,000 $162,000 $3,070 5.80%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $1,310,000 $655,000 $8,841 6.13%
SPRINGFIELD, OH (FHA|USDA|VA) 4 $1,280,000 $320,000 $8,612 6.90%
ERIE, PA (FHA|USDA|VA) 5 $1,265,000 $253,000 $6,147 6.86%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $1,230,000 $615,000 $12,195 4.81%
WHEELING, WV-OH (FHA|USDA|VA) 1 $1,125,000 $1,125,000 $0 6.87%
Marion, OH (FHA|USDA|VA) 6 $1,040,000 $173,333 $3,708 5.77%
Wooster, OH (FHA|USDA|VA) 6 $990,000 $165,000 $3,104 6.34%
Pottsville, PA (FHA|USDA|VA) 2 $850,000 $425,000 $7,136 6.69%
New Philadelphia-Dover, OH (FHA|USDA|VA) 5 $835,000 $167,000 $4,532 5.64%
MORGANTOWN, WV (FHA|USDA|VA) 2 $820,000 $410,000 $6,732 6.38%
YORK-HANOVER, PA (FHA|USDA|VA) 4 $820,000 $205,000 $0 6.49%
LOUISVILLE, KY (FHA|USDA|VA) 2 $810,000 $405,000 $4,018 7.06%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $730,000 $365,000 $8,056 6.88%
LEBANON, PA (FHA|USDA|VA) 2 $610,000 $305,000 $4,458 4.68%
Key West, FL (FHA|USDA|VA) 1 $565,000 $565,000 $0 7.74%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $550,000 $275,000 $3,973 6.62%
Fairmont, WV (FHA|USDA|VA) 1 $525,000 $525,000 $6,877 5.25%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $515,000 $515,000 $2,943 6.13%
Sandusky, OH (FHA|USDA|VA) 1 $515,000 $515,000 $5,784 7.50%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $465,000 $465,000 $4,695 8.38%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $465,000 $465,000 $9,381 5.99%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $435,000 $435,000 $4,491 6.13%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $405,000 $405,000 $4,932 6.50%
Greenwood, SC (FHA|USDA|VA) 1 $405,000 $405,000 $5,093 5.88%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $395,000 $395,000 $4,449 5.25%
Portsmouth, OH (FHA|USDA|VA) 1 $395,000 $395,000 $3,452 6.88%
Coshocton, OH (FHA|USDA|VA) 1 $385,000 $385,000 $5,787 6.99%
Oil City, PA (FHA|USDA|VA) 2 $380,000 $190,000 $9,495 6.19%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 3 $375,000 $125,000 $0 4.99%
Lewistown, PA (FHA|USDA|VA) 1 $365,000 $365,000 $6,644 6.99%
Bradford, PA (FHA|USDA|VA) 2 $330,000 $165,000 $6,299 4.31%
ANN ARBOR, MI (FHA|USDA|VA) 1 $325,000 $325,000 $3,809 5.99%
Huntingdon, PA (FHA|USDA|VA) 7 $325,000 $46,429 $551 6.56%
COLUMBIA, SC (FHA|USDA|VA) 1 $245,000 $245,000 $3,604 6.25%
EAST STROUDSBURG, PA (FHA|USDA|VA) 2 $230,000 $115,000 $2,171 6.56%
Warren, PA (FHA|USDA|VA) 2 $230,000 $115,000 $4,682 6.13%
MANSFIELD, OH (FHA|USDA|VA) 1 $215,000 $215,000 $4,856 7.13%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $205,000 $205,000 $9,626 6.38%
LANCASTER, PA (FHA|USDA|VA) 3 $165,000 $55,000 $0 6.07%
Selinsgrove, PA (FHA|USDA|VA) 1 $165,000 $165,000 $6,206 7.49%
WILMINGTON, NC (FHA|USDA|VA) 1 $155,000 $155,000 $5,678 6.50%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $135,000 $135,000 $3,756 6.99%
Meadville, PA (FHA|USDA|VA) 2 $130,000 $65,000 $0 6.87%
Sayre, PA (FHA|USDA|VA) 2 $130,000 $65,000 $2,381 6.49%
GETTYSBURG, PA (FHA|USDA|VA) 1 $125,000 $125,000 $0 5.99%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,899 5.88%
Bucyrus-Galion, OH (FHA|USDA|VA) 1 $115,000 $115,000 $3,321 7.13%
READING, PA (FHA|USDA|VA) 2 $110,000 $55,000 $0 4.74%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.75%
Sidney, OH (FHA|USDA|VA) 1 $85,000 $85,000 $0 6.49%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $55,000 $55,000 $2,670 6.75%
Defiance, OH (FHA|USDA|VA) 2 $50,000 $25,000 $122 7.75%
Maysville, KY (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.99%
First Commonwealth Bank's top markets include Pittsburgh, Columbus, Cincinnati, Canton, and Cleveland among others.

Their top states include:
  • Ohio (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against First Commonwealth Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,848 $593,140,000 $208,265 $1,999 6.42%
    HELOC 1,623 $171,915,000 $105,924 n/a 4.07%
    FHA 93 $15,215,000 $163,602 $7,393 6.47%
    USDA 28 $3,070,000 $109,643 $5,794 6.52%
    VA 15 $3,955,000 $263,667 $9,345 6.00%

    For 2023, First Commonwealth Bank's most frequently originated type of loan was Conventional, with 2,848 originations. Their 2nd most popular type was HELOC, with 1,623 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,346 $479,160,000 $355,988 $5,001 6.60%
    Home Improvement 1,250 $94,740,000 $75,792 $16 5.20%
    Refi 1,182 $157,960,000 $133,638 $540 5.23%
    Other 827 $55,195,000 $66,741 $165 5.07%
    Cash Out Refi 2 $240,000 $120,000 $0 5.75%

    For 2023, First Commonwealth Bank's most frequently cited loan purpose was Home Purchase, with 1,346 originations. The 2nd most popular reason was Home Improvement, with 1,250 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,643 $373,345,000 $141,258 $4,826 5.07%
    15 Year 1,040 $87,350,000 $83,990 $233 6.23%
    10 Year 440 $25,310,000 $57,523 $30 6.21%
    30+ year 178 $86,610,000 $486,573 $6,610 6.54%
    20 Year 159 $21,795,000 $137,075 $738 6.79%
    Other 84 $90,010,000 $1,071,548 $334 6.39%
    5 Year 59 $9,725,000 $164,831 $51 5.97%
    3 Year 4 $93,150,000 $23,287,500 $0 6.77%

    For 2023, First Commonwealth Bank's most frequently cited loan duration was 30 Year, with 2,643 originations. The 2nd most popular length was 15 Year, with 1,040 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,645 $120,495,000 $73,249
    $1k-2k 830 $195,810,000 $235,916
    $2k-3k 213 $46,615,000 $218,850
    $3k-4k 52 $17,170,000 $330,192
    $5k+ 28 $11,540,000 $412,143
    $4k-5k 27 $11,915,000 $441,296

    First Commonwealth Bank's average total fees were $4,826, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,645 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 1,280 $154,650,000 $120,820
    6-7% 1,205 $223,935,000 $185,838
    3-4% 954 $106,790,000 $111,939
    7-8% 423 $177,605,000 $419,870
    4-5% 390 $44,160,000 $113,231
    2.5-3% 216 $24,590,000 $113,843
    Over 8% 109 $51,825,000 $475,459
    <2.5% 30 $3,740,000 $124,667

    During 2023, First Commonwealth Bank's average interest rate for loans was 5.07%, while their most frequently originated rate bucket for loans was 5-6%, with 1,280 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 2,573 $128,785,000 $50,052 $718 5.53%
    $100k-200k 1,161 $160,525,000 $138,264 $2,972 5.48%
    $200k-400k 595 $163,845,000 $275,370 $4,890 5.78%
    $400k-600k 185 $87,265,000 $471,703 $5,985 6.12%
    $600k-1MM 68 $49,520,000 $728,235 $6,852 6.54%
    $1MM+ 25 $197,355,000 $7,894,200 $10,293 6.68%

    2023 saw First Commonwealth Bank place emphasis on $100,000 or less loans with 2,573 originations, totaling $128,785,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 925 $80,745,000 $87,292 $2,166 5.72%
    $100k-150k 892 $118,230,000 $132,545 $2,118 5.45%
    $50k or less 812 $50,830,000 $62,599 $1,963 5.83%
    $150k-250k 701 $134,145,000 $191,362 $2,675 5.44%
    $75k-100k 687 $70,835,000 $103,108 $1,884 5.52%
    $250k+ 390 $118,480,000 $303,795 $3,744 5.20%

    First Commonwealth Bank lent most frequently to those with incomes in the $50k-75k range, with 925 originations. The second most popular income band? $100k-150k, with 892 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,115 $122,655,000 $110,004 $1,648 5.45%
    30-36% 851 $112,205,000 $131,851 $2,266 5.59%
    <20% 552 $59,520,000 $107,826 $1,133 5.37%
    44% 418 $53,920,000 $128,995 $1,952 5.20%
    43% 206 $29,050,000 $141,019 $2,667 5.71%
    41% 179 $23,995,000 $134,050 $2,301 5.62%
    42% 168 $26,550,000 $158,036 $3,104 5.87%
    40% 160 $21,700,000 $135,625 $2,460 5.67%
    39% 146 $24,520,000 $167,945 $3,326 5.54%
    37% 140 $22,060,000 $157,571 $2,542 5.82%
    38% 139 $18,875,000 $135,791 $3,108 5.55%
    36% 132 $15,660,000 $118,636 $2,103 5.62%
    45% 79 $14,755,000 $186,772 $3,279 5.96%
    46% 53 $10,645,000 $200,849 $4,614 6.18%
    49% 32 $7,490,000 $234,063 $5,494 6.68%
    47% 31 $5,645,000 $182,097 $4,281 6.07%
    48% 28 $6,630,000 $236,786 $4,687 6.54%
    50-60% 18 $3,430,000 $190,556 $7,419 6.45%

    First Commonwealth Bank lent most frequently to those with DTI ratios of 20-30%, with 1,115 originations. The next most common DTI ratio? 30-36%, with 851 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,948 $505,570,000 $128,057 $2,226 5.55%
    Not applicable 126 $204,530,000 $1,623,254 $0 6.80%
    Not provided 302 $43,250,000 $143,212 $1,628 5.29%
    Black 174 $21,810,000 $125,345 $3,306 6.35%
    Asian 39 $9,105,000 $233,462 $3,225 5.17%
    American Indian 12 $1,830,000 $152,500 $2,987 6.24%
    Asian Indian 3 $985,000 $328,333 $3,867 5.87%
    Native Hawaiian or Islander 2 $140,000 $70,000 $0 5.24%
    Other Asian 1 $75,000 $75,000 $3,899 6.50%

    Approval Rates

    Total approvals of all applications
    73.40%

    First Commonwealth Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    78.73%

    First Commonwealth Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 4,607 $787,295,000 $170,891

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    4,607 $787,295,000 $170,891

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1,189 $139,625,000 $117,431 $281 5.20%
    40-60% 582 $206,620,000 $355,017 $1,819 5.30%
    60-80% 668 $179,900,000 $269,311 $3,684 6.00%
    80-100% 879 $190,525,000 $216,752 $4,906 6.49%
    Over 100% 8 $3,160,000 $395,000 $13,899 6.56%
    Under 20% 1,277 $66,365,000 $51,969 $39 5.26%