Reading FHA Loan Rates, Closing Costs & Stats
READING, 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.
Reading's 113 lenders originated 1,074 FHA loans during 2023. The total origination value was $236,860,000, with an average FHA loan value of $220,540.
Reading FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Reading
averaged
-0.06%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Reading's average FHA mortgage closing costs are $7,631.
The average rate for the prior week (2024-11-22) was
6.53% and
one month ago for the week of 2024-10-25, the
average rate was 6.51%.
The average rate one year ago was 7%.
For refis of the same type during the week of 2024-11-29, the average rate
was -0.01%.
Reading 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 Reading level.
The top Reading FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
110 FHA loans originated. Their average total fees are
$10,646, which is $441
lower than the next largest lender,
CROSSCOUNTRY MORTGAGE, LLC.
The lowest fee Reading FHA lenders (with over 10 loans originated) are
Customers Bank ($7,428), M&T Bank ($7,975), PLAZA HOME MORTGAGE, INC. ($8,120), Mortgage America, Inc. ($8,978) and Univest Bank and Trust Co. ($10,167).
The lowest rate Reading FHA lenders (with over 10 loans originated) are
Mr. Cooper ( Nationstar Mortgage ) (5.89%), AMERISAVE MORTGAGE CORPORATION (6.19%), UNITED WHOLESALE MORTGAGE, LLC (6.19%), PENNYMAC LOAN SERVICES, LLC (6.22%) and PLAZA HOME MORTGAGE, INC. (6.27%).
Reading FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
READING, PA | BERKS | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
READING, PA | BERKS | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Reading (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $171,945 (1.2%) | $224,586 (3.3%) | 0.64 | 1,241 |
2018-02-01 | $174,950 (0.6%) | $224,243 (0.5%) | 0.64 | 1,159 |
2018-03-01 | $179,900 (2.8%) | $232,645 (3.8%) | 0.63 | 1,102 |
2018-04-01 | $186,875 (1.1%) | $237,457 (3.6%) | 0.63 | 1,159 |
2018-05-01 | $199,900 (5.3%) | $247,733 (6.7%) | 0.67 | 1,191 |
2018-06-01 | $209,900 (10.7%) | $256,497 (9.5%) | 0.70 | 1,253 |
2018-07-01 | $209,050 (10.1%) | $255,063 (7.8%) | 0.70 | 1,253 |
2018-08-01 | $210,500 (13.8%) | $255,859 (9.0%) | 0.71 | 1,253 |
2018-09-01 | $209,900 (16.7%) | $253,270 (9.3%) | 0.71 | 1,255 |
2018-10-01 | $209,950 (17.4%) | $255,392 (10.2%) | 0.71 | 1,246 |
2018-11-01 | $209,900 (20.2%) | $254,543 (12.7%) | 0.71 | 1,239 |
2018-12-01 | $204,990 (17.2%) | $251,406 (9.4%) | 0.71 | 1,176 |
2019-01-01 | $199,948 (16.3%) | $251,747 (12.1%) | 0.69 | 1,071 |
2019-02-01 | $199,945 (14.3%) | $256,610 (14.4%) | 0.68 | 1,009 |
2019-03-01 | $208,471 (15.9%) | $261,668 (12.5%) | 0.68 | 997 |
2019-04-01 | $222,400 (19.0%) | $268,807 (13.2%) | 0.71 | 987 |
2019-05-01 | $222,400 (11.3%) | $269,733 (8.9%) | 0.70 | 1,006 |
2019-06-01 | $220,000 (4.8%) | $268,946 (4.9%) | 0.69 | 1,030 |
2019-07-01 | $219,900 (5.2%) | $265,874 (4.2%) | 0.69 | 1,095 |
2019-08-01 | $218,991 (4.0%) | $269,232 (5.2%) | 0.69 | 1,077 |
2019-09-01 | $225,127 (7.3%) | $273,995 (8.2%) | 0.72 | 1,043 |
2019-10-01 | $232,445 (10.7%) | $278,665 (9.1%) | 0.75 | 998 |
2019-11-01 | $235,000 (12.0%) | $280,029 (10.0%) | 0.77 | 953 |
2019-12-01 | $232,475 (13.4%) | $281,374 (11.9%) | 0.78 | 842 |
2020-01-01 | $229,950 (15.0%) | $282,204 (12.1%) | 0.77 | 771 |
2020-02-01 | $246,900 (23.5%) | $286,382 (11.6%) | 0.81 | 716 |
2020-03-01 | $259,900 (24.7%) | $297,043 (13.5%) | 0.81 | 674 |
2020-04-01 | $274,400 (23.4%) | $312,733 (16.3%) | 0.86 | 592 |
2020-05-01 | $259,900 (16.9%) | $302,211 (12.0%) | 0.79 | 618 |
2020-06-01 | $249,950 (13.6%) | $305,617 (13.6%) | 0.74 | 586 |
2020-07-01 | $272,650 (24.0%) | $325,632 (22.5%) | 0.79 | 484 |
2020-08-01 | $270,000 (23.3%) | $321,418 (19.4%) | 0.77 | 479 |
2020-09-01 | $259,975 (15.5%) | $317,217 (15.8%) | 0.74 | 476 |
2020-10-01 | $264,900 (14.0%) | $326,057 (17.0%) | 0.76 | 459 |
2020-11-01 | $267,400 (13.8%) | $316,259 (12.9%) | 0.78 | 464 |
2020-12-01 | $262,400 (12.9%) | $311,463 (10.7%) | 0.78 | 431 |
2021-01-01 | $258,500 (12.4%) | $317,356 (12.5%) | 0.77 | 367 |
2021-02-01 | $285,400 (15.6%) | $346,802 (21.1%) | 0.83 | 283 |
2021-03-01 | $289,000 (11.2%) | $354,156 (19.2%) | 0.82 | 274 |
2021-04-01 | $279,075 (1.7%) | $341,585 (9.2%) | 0.76 | 285 |
2021-05-01 | $274,900 (5.8%) | $342,368 (13.3%) | 0.73 | 313 |
2021-06-01 | $239,220 (-4.3%) | $317,388 (3.9%) | 0.63 | 408 |
2021-07-01 | $249,500 (-8.5%) | $324,997 (-0.2%) | 0.66 | 415 |
2021-08-01 | $246,745 (-8.6%) | $317,398 (-1.3%) | 0.66 | 449 |
2021-09-01 | $242,450 (-6.7%) | $314,684 (-0.8%) | 0.65 | 439 |
2021-10-01 | $245,990 (-7.1%) | $322,172 (-1.2%) | 0.66 | 439 |
2021-11-01 | $245,445 (-8.2%) | $313,134 (-1.0%) | 0.66 | 412 |
2021-12-01 | $234,950 (-10.5%) | $299,524 (-3.8%) | 0.64 | 353 |
2022-01-01 | $239,900 (-7.2%) | $310,126 (-2.3%) | 0.65 | 274 |
2022-02-01 | $239,450 (-16.1%) | $317,375 (-8.5%) | 0.62 | 262 |
2022-03-01 | $254,950 (-11.8%) | $335,754 (-5.2%) | 0.64 | 252 |
2022-04-01 | $257,000 (-7.9%) | $337,363 (-1.2%) | 0.61 | 278 |
2022-05-01 | $247,728 (-9.9%) | $332,085 (-3.0%) | 0.57 | 289 |
2022-06-01 | $254,900 (6.6%) | $346,326 (9.1%) | 0.57 | 351 |
2022-07-01 | $252,000 (1.0%) | $342,439 (5.4%) | 0.57 | 405 |
2022-08-01 | $264,900 (7.4%) | $340,046 (7.1%) | 0.61 | 425 |
2022-09-01 | $246,450 (1.7%) | $330,811 (5.1%) | 0.58 | 435 |
2022-10-01 | $249,950 (1.6%) | $335,558 (4.2%) | 0.59 | 433 |
2022-11-01 | $271,975 (10.8%) | $345,325 (10.3%) | 0.65 | 423 |
2022-12-01 | $275,000 (17.1%) | $338,517 (13.0%) | 0.68 | 369 |
2023-01-01 | $273,850 (14.2%) | $350,182 (12.9%) | 0.68 | 317 |
2023-02-01 | $287,500 (20.1%) | $363,468 (14.5%) | 0.69 | 285 |
2023-03-01 | $309,200 (21.3%) | $388,007 (15.6%) | 0.73 | 286 |
2023-04-01 | $319,900 (24.5%) | $388,611 (15.2%) | 0.74 | 299 |
2023-05-01 | $324,925 (31.2%) | $400,010 (20.5%) | 0.74 | 310 |
2023-06-01 | $340,329 (33.5%) | $418,852 (20.9%) | 0.76 | 325 |
2023-07-01 | $337,754 (34.0%) | $426,262 (24.5%) | 0.77 | 310 |
2023-08-01 | $330,825 (24.9%) | $403,604 (18.7%) | 0.76 | 325 |
2023-09-01 | $349,900 (42.0%) | $406,765 (23.0%) | 0.81 | 342 |
2023-10-01 | $347,671 (39.1%) | $406,877 (21.3%) | 0.82 | 367 |
2023-11-01 | $336,200 (23.6%) | $395,412 (14.5%) | 0.80 | 376 |
2023-12-01 | $316,750 (15.2%) | $371,887 (9.9%) | 0.77 | 360 |
2024-01-01 | $307,450 (12.3%) | $369,204 (5.4%) | 0.75 | 305 |
2024-02-01 | $306,200 (6.5%) | $365,293 (0.5%) | 0.74 | 280 |
2024-03-01 | $298,500 (-3.5%) | $378,392 (-2.5%) | 0.70 | 262 |
2024-04-01 | $325,000 (1.6%) | $397,227 (2.2%) | 0.76 | 278 |
2024-05-01 | $359,925 (10.8%) | $429,675 (7.4%) | 0.81 | 285 |
2024-06-01 | $359,900 (5.8%) | $436,753 (4.3%) | 0.81 | 302 |
2024-07-01 | $342,450 (1.4%) | $414,621 (-2.7%) | 0.78 | 359 |
2024-08-01 | $339,900 (2.7%) | $414,093 (2.6%) | 0.79 | 388 |
2024-09-01 | $344,900 (-1.4%) | $417,700 (2.7%) | 0.81 | 396 |
2024-10-01 | $347,450 (-0.1%) | $399,825 (-1.7%) | 0.82 | 420 |
Reading's median listing price comes in at 82% of the national average.
Reading's average listing price for 2024-10-01 was $399,825, a difference of $-7,052 (-1.7%) versus the prior year and $-17,875 versus the prior month.
For the 2024-10-01 period, Reading had 420 MLS listings, a difference of 24 listings (6%) versus the prior month and 53 listings (14%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Reading (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 92 days | 1,742 sqft |
2018-02-01 | 90 days | 1,766 sqft |
2018-03-01 | 65 days | 1,791 sqft |
2018-04-01 | 52 days | 1,811 sqft |
2018-05-01 | 52 days | 1,862 sqft |
2018-06-01 | 53 days | 1,916 sqft |
2018-07-01 | 58 days | 1,884 sqft |
2018-08-01 | 60 days | 1,887 sqft |
2018-09-01 | 64 days | 1,900 sqft |
2018-10-01 | 67 days | 1,899 sqft |
2018-11-01 | 67 days | 1,883 sqft |
2018-12-01 | 73 days | 1,858 sqft |
2019-01-01 | 85 days | 1,856 sqft |
2019-02-01 | 87 days | 1,885 sqft |
2019-03-01 | 69 days | 1,937 sqft |
2019-04-01 | 47 days | 1,995 sqft |
2019-05-01 | 39 days | 1,984 sqft |
2019-06-01 | 40 days | 1,950 sqft |
2019-07-01 | 44 days | 1,946 sqft |
2019-08-01 | 48 days | 1,960 sqft |
2019-09-01 | 53 days | 1,991 sqft |
2019-10-01 | 58 days | 2,023 sqft |
2019-11-01 | 57 days | 2,036 sqft |
2019-12-01 | 70 days | 2,010 sqft |
2020-01-01 | 77 days | 2,025 sqft |
2020-02-01 | 66 days | 2,035 sqft |
2020-03-01 | 44 days | 2,080 sqft |
2020-04-01 | 65 days | 2,134 sqft |
2020-05-01 | 74 days | 2,033 sqft |
2020-06-01 | 40 days | 2,046 sqft |
2020-07-01 | 34 days | 2,110 sqft |
2020-08-01 | 28 days | 2,144 sqft |
2020-09-01 | 25 days | 2,030 sqft |
2020-10-01 | 41 days | 2,059 sqft |
2020-11-01 | 42 days | 2,014 sqft |
2020-12-01 | 47 days | 1,966 sqft |
2021-01-01 | 57 days | 1,940 sqft |
2021-02-01 | 62 days | 2,101 sqft |
2021-03-01 | 45 days | 1,995 sqft |
2021-04-01 | 30 days | 1,949 sqft |
2021-05-01 | 25 days | 1,892 sqft |
2021-06-01 | 31 days | 1,811 sqft |
2021-07-01 | 38 days | 1,832 sqft |
2021-08-01 | 39 days | 1,812 sqft |
2021-09-01 | 39 days | 1,785 sqft |
2021-10-01 | 44 days | 1,792 sqft |
2021-11-01 | 46 days | 1,786 sqft |
2021-12-01 | 48 days | 1,752 sqft |
2022-01-01 | 50 days | 1,685 sqft |
2022-02-01 | 42 days | 1,741 sqft |
2022-03-01 | 29 days | 1,770 sqft |
2022-04-01 | 29 days | 1,800 sqft |
2022-05-01 | 24 days | 1,749 sqft |
2022-06-01 | 24 days | 1,764 sqft |
2022-07-01 | 30 days | 1,769 sqft |
2022-08-01 | 32 days | 1,778 sqft |
2022-09-01 | 41 days | 1,766 sqft |
2022-10-01 | 40 days | 1,787 sqft |
2022-11-01 | 42 days | 1,837 sqft |
2022-12-01 | 57 days | 1,827 sqft |
2023-01-01 | 65 days | 1,814 sqft |
2023-02-01 | 51 days | 1,906 sqft |
2023-03-01 | 38 days | 1,997 sqft |
2023-04-01 | 33 days | 1,980 sqft |
2023-05-01 | 33 days | 1,984 sqft |
2023-06-01 | 37 days | 1,982 sqft |
2023-07-01 | 39 days | 1,988 sqft |
2023-08-01 | 35 days | 1,930 sqft |
2023-09-01 | 40 days | 1,969 sqft |
2023-10-01 | 38 days | 1,981 sqft |
2023-11-01 | 38 days | 1,880 sqft |
2023-12-01 | 45 days | 1,848 sqft |
2024-01-01 | 52 days | 1,822 sqft |
2024-02-01 | 38 days | 1,807 sqft |
2024-03-01 | 36 days | 1,702 sqft |
2024-04-01 | 29 days | 1,821 sqft |
2024-05-01 | 23 days | 1,940 sqft |
2024-06-01 | 22 days | 2,000 sqft |
2024-07-01 | 29 days | 1,957 sqft |
2024-08-01 | 34 days | 1,966 sqft |
2024-09-01 | 35 days | 1,950 sqft |
2024-10-01 | 34 days | 1,959 sqft |
Reading's median square footage for active listings during the 2024-10-01 period was 1,959 sqft. One year prior, the average listing was 1,981 sqft.