Pittsburgh FHA Loan Rates, Closing Costs & Stats
PITTSBURGH, PA
FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.
FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.
While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.
For additional requirements as defined by the FHA, click here.
Pittsburgh's 169 lenders originated 7,531 FHA loans during 2021. The total origination value was $1,217,785,000, with an average FHA loan value of $161,703.
Pittsburgh FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Pittsburgh
averaged
5.81%
for the week of 2023-01-27, compared to the national average (all FHA variants) of
6.186% for the same period.
Pittsburgh's average FHA mortgage closing costs are $6,461.
The average rate for the prior week (2023-01-20) was
5.88% and
one month ago for the week of 2022-12-23, the
average rate was 6.37%.
The average rate one year ago was 3.56%.
For refis of the same type during the week of 2023-01-27, the average rate
was 5.94%.
Pittsburgh FHA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Pittsburgh level.
The top Pittsburgh FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
1,019 FHA loans originated. Their average total fees are
$6,067, which is $1,108
lower than the next largest lender,
Victorian Finance, LLC.
The lowest fee Pittsburgh FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE ($2,205), OCEANSIDE MORTGAGE COMPANY ($2,535), WELCOME HOME FINANCE, L.P. ($3,418), Mr. Cooper ( Nationstar Mortgage ) ($4,379) and AmeriHome Mortgage Company, LLC ($4,779).
The lowest rate Pittsburgh FHA lenders (with over 10 loans originated) are
Sail Mortgage Corp. (2.56%), U.S. Bank (2.64%), First Commonwealth Bank (2.66%), Union Savings Bank (2.70%) and Citizens Bank (2.74%).
Pittsburgh FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| PITTSBURGH, PA | ALLEGHENY | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| PITTSBURGH, PA | ARMSTRONG | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| PITTSBURGH, PA | BEAVER | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| PITTSBURGH, PA | BUTLER | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| PITTSBURGH, PA | FAYETTE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| PITTSBURGH, PA | WASHINGTON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| PITTSBURGH, PA | WESTMORELAND | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Pittsburgh (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
|---|---|---|---|---|
| 2018-01-01 | $169,900 (11.3%) | $260,220 (6.9%) | 0.63 | 7,638 |
| 2018-02-01 | $169,900 (9.7%) | $265,383 (6.6%) | 0.62 | 7,156 |
| 2018-03-01 | $179,900 (11.4%) | $279,024 (7.5%) | 0.63 | 6,923 |
| 2018-04-01 | $184,900 (9.8%) | $285,038 (7.4%) | 0.63 | 6,960 |
| 2018-05-01 | $188,425 (10.1%) | $288,764 (7.4%) | 0.63 | 7,194 |
| 2018-06-01 | $184,900 (5.7%) | $282,786 (5.0%) | 0.62 | 7,536 |
| 2018-07-01 | $183,750 (2.1%) | $281,272 (4.0%) | 0.61 | 7,817 |
| 2018-08-01 | $182,400 (2.4%) | $277,899 (3.9%) | 0.61 | 7,964 |
| 2018-09-01 | $179,900 (2.8%) | $275,548 (3.8%) | 0.60 | 8,059 |
| 2018-10-01 | $179,450 (2.6%) | $272,377 (4.0%) | 0.61 | 8,183 |
| 2018-11-01 | $174,950 (0.0%) | $270,499 (2.7%) | 0.59 | 7,938 |
| 2018-12-01 | $169,900 (-0.1%) | $272,292 (4.6%) | 0.59 | 7,395 |
| 2019-01-01 | $169,900 (0.0%) | $272,667 (4.8%) | 0.59 | 7,000 |
| 2019-02-01 | $173,575 (2.2%) | $278,509 (5.0%) | 0.59 | 6,567 |
| 2019-03-01 | $181,929 (1.1%) | $290,077 (4.0%) | 0.59 | 6,386 |
| 2019-04-01 | $189,450 (2.5%) | $297,434 (4.4%) | 0.60 | 6,385 |
| 2019-05-01 | $195,975 (4.0%) | $302,290 (4.7%) | 0.61 | 6,537 |
| 2019-06-01 | $199,900 (8.1%) | $303,889 (7.5%) | 0.62 | 6,901 |
| 2019-07-01 | $199,900 (8.8%) | $301,522 (7.2%) | 0.63 | 7,176 |
| 2019-08-01 | $199,655 (9.5%) | $299,501 (7.8%) | 0.63 | 7,246 |
| 2019-09-01 | $199,286 (10.8%) | $297,536 (8.0%) | 0.64 | 7,372 |
| 2019-10-01 | $199,000 (10.9%) | $297,140 (9.1%) | 0.64 | 7,455 |
| 2019-11-01 | $194,000 (10.9%) | $298,890 (10.5%) | 0.64 | 7,145 |
| 2019-12-01 | $189,900 (11.8%) | $295,767 (8.6%) | 0.63 | 6,600 |
| 2020-01-01 | $189,950 (11.8%) | $303,456 (11.3%) | 0.63 | 6,170 |
| 2020-02-01 | $199,999 (15.2%) | $317,338 (13.9%) | 0.65 | 5,714 |
| 2020-03-01 | $214,950 (18.2%) | $327,756 (13.0%) | 0.67 | 5,456 |
| 2020-04-01 | $215,000 (13.5%) | $325,708 (9.5%) | 0.67 | 5,313 |
| 2020-05-01 | $225,000 (14.8%) | $328,945 (8.8%) | 0.68 | 5,494 |
| 2020-06-01 | $242,473 (21.3%) | $349,256 (14.9%) | 0.71 | 5,259 |
| 2020-07-01 | $249,450 (24.8%) | $358,112 (18.8%) | 0.72 | 4,984 |
| 2020-08-01 | $248,750 (24.6%) | $355,346 (18.7%) | 0.71 | 4,902 |
| 2020-09-01 | $243,450 (22.2%) | $355,653 (19.5%) | 0.70 | 4,879 |
| 2020-10-01 | $239,900 (20.6%) | $356,780 (20.1%) | 0.69 | 4,734 |
| 2020-11-01 | $239,450 (23.4%) | $354,687 (18.7%) | 0.70 | 4,382 |
| 2020-12-01 | $234,850 (23.7%) | $357,733 (21.0%) | 0.70 | 3,931 |
| 2021-01-01 | $239,000 (25.8%) | $367,932 (21.3%) | 0.71 | 3,414 |
| 2021-02-01 | $244,950 (22.5%) | $390,171 (23.0%) | 0.71 | 2,820 |
| 2021-03-01 | $249,900 (16.3%) | $405,028 (23.6%) | 0.71 | 2,704 |
| 2021-04-01 | $259,000 (20.5%) | $411,203 (26.3%) | 0.70 | 2,805 |
| 2021-05-01 | $260,000 (15.6%) | $407,091 (23.8%) | 0.69 | 2,977 |
| 2021-06-01 | $256,900 (6.0%) | $394,843 (13.1%) | 0.68 | 3,377 |
| 2021-07-01 | $239,900 (-3.8%) | $368,773 (3.0%) | 0.63 | 3,921 |
| 2021-08-01 | $229,900 (-7.6%) | $347,174 (-2.3%) | 0.61 | 4,199 |
| 2021-09-01 | $226,725 (-6.9%) | $340,606 (-4.2%) | 0.60 | 4,339 |
| 2021-10-01 | $225,000 (-6.2%) | $341,372 (-4.3%) | 0.60 | 4,251 |
| 2021-11-01 | $218,375 (-8.8%) | $338,492 (-4.6%) | 0.58 | 3,964 |
| 2021-12-01 | $209,900 (-10.6%) | $336,068 (-6.1%) | 0.57 | 3,507 |
| 2022-01-01 | $205,000 (-14.2%) | $344,661 (-6.3%) | 0.55 | 3,010 |
| 2022-02-01 | $213,950 (-12.7%) | $362,955 (-7.0%) | 0.56 | 2,572 |
| 2022-03-01 | $219,950 (-12.0%) | $371,676 (-8.2%) | 0.55 | 2,501 |
| 2022-04-01 | $225,000 (-13.1%) | $373,634 (-9.1%) | 0.54 | 2,616 |
| 2022-05-01 | $239,450 (-7.9%) | $369,836 (-9.2%) | 0.55 | 3,142 |
| 2022-06-01 | $239,900 (-6.6%) | $365,022 (-7.6%) | 0.53 | 3,544 |
| 2022-07-01 | $239,000 (-0.4%) | $360,922 (-2.1%) | 0.54 | 4,039 |
| 2022-08-01 | $232,500 (1.1%) | $349,279 (0.6%) | 0.54 | 4,296 |
| 2022-09-01 | $225,000 (-0.8%) | $337,705 (-0.9%) | 0.53 | 4,420 |
| 2022-10-01 | $219,900 (-2.3%) | $327,975 (-3.9%) | 0.52 | 4,596 |
| 2022-11-01 | $218,700 (0.2%) | $326,981 (-3.4%) | 0.53 | 4,552 |
| 2022-12-01 | $205,000 (-2.3%) | $323,340 (-3.8%) | 0.51 | 4,231 |
Pittsburgh's median listing price comes in at 51% of the national average.
Pittsburgh's average listing price for 2022-12-01 was $323,340, a difference of $-12,728 (-3.8%) versus the prior year and $-3,641 versus the prior month.
For the 2022-12-01 period, Pittsburgh had 4,231 MLS listings, a difference of -321 listings (-7%) versus the prior month and 724 listings (21%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Pittsburgh (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 109 days | 1,651 sqft |
| 2018-02-01 | 111 days | 1,658 sqft |
| 2018-03-01 | 98 days | 1,690 sqft |
| 2018-04-01 | 71 days | 1,731 sqft |
| 2018-05-01 | 62 days | 1,744 sqft |
| 2018-06-01 | 58 days | 1,716 sqft |
| 2018-07-01 | 60 days | 1,680 sqft |
| 2018-08-01 | 64 days | 1,673 sqft |
| 2018-09-01 | 71 days | 1,680 sqft |
| 2018-10-01 | 74 days | 1,664 sqft |
| 2018-11-01 | 78 days | 1,651 sqft |
| 2018-12-01 | 89 days | 1,628 sqft |
| 2019-01-01 | 104 days | 1,622 sqft |
| 2019-02-01 | 107 days | 1,632 sqft |
| 2019-03-01 | 89 days | 1,661 sqft |
| 2019-04-01 | 66 days | 1,662 sqft |
| 2019-05-01 | 58 days | 1,683 sqft |
| 2019-06-01 | 58 days | 1,700 sqft |
| 2019-07-01 | 60 days | 1,706 sqft |
| 2019-08-01 | 62 days | 1,706 sqft |
| 2019-09-01 | 65 days | 1,703 sqft |
| 2019-10-01 | 68 days | 1,699 sqft |
| 2019-11-01 | 74 days | 1,680 sqft |
| 2019-12-01 | 87 days | 1,663 sqft |
| 2020-01-01 | 98 days | 1,680 sqft |
| 2020-02-01 | 96 days | 1,711 sqft |
| 2020-03-01 | 76 days | 1,724 sqft |
| 2020-04-01 | 84 days | 1,738 sqft |
| 2020-05-01 | 88 days | 1,764 sqft |
| 2020-06-01 | 85 days | 1,799 sqft |
| 2020-07-01 | 54 days | 1,796 sqft |
| 2020-08-01 | 54 days | 1,781 sqft |
| 2020-09-01 | 54 days | 1,741 sqft |
| 2020-10-01 | 58 days | 1,715 sqft |
| 2020-11-01 | 65 days | 1,680 sqft |
| 2020-12-01 | 75 days | 1,680 sqft |
| 2021-01-01 | 88 days | 1,677 sqft |
| 2021-02-01 | 89 days | 1,678 sqft |
| 2021-03-01 | 68 days | 1,693 sqft |
| 2021-04-01 | 45 days | 1,705 sqft |
| 2021-05-01 | 45 days | 1,700 sqft |
| 2021-06-01 | 41 days | 1,690 sqft |
| 2021-07-01 | 39 days | 1,625 sqft |
| 2021-08-01 | 41 days | 1,607 sqft |
| 2021-09-01 | 46 days | 1,603 sqft |
| 2021-10-01 | 50 days | 1,588 sqft |
| 2021-11-01 | 55 days | 1,568 sqft |
| 2021-12-01 | 65 days | 1,556 sqft |
| 2022-01-01 | 78 days | 1,562 sqft |
| 2022-02-01 | 80 days | 1,611 sqft |
| 2022-03-01 | 58 days | 1,608 sqft |
| 2022-04-01 | 40 days | 1,632 sqft |
| 2022-05-01 | 37 days | 1,628 sqft |
| 2022-06-01 | 37 days | 1,622 sqft |
| 2022-07-01 | 39 days | 1,630 sqft |
| 2022-08-01 | 44 days | 1,617 sqft |
| 2022-09-01 | 51 days | 1,591 sqft |
| 2022-10-01 | 54 days | 1,584 sqft |
| 2022-11-01 | 59 days | 1,569 sqft |
| 2022-12-01 | 73 days | 1,550 sqft |
Pittsburgh's median square footage for active listings during the 2022-12-01 period was 1,550 sqft. One year prior, the average listing was 1,556 sqft.