The Mortgage Outlook for Pittsburgh in 2015

The Mortgage Outlook for Pittsburgh in 2015Pittsburgh has a long list of #1s under its belt – everything from the most affordable city to own a home to the most livable city in the US. In fact Visit Pittsburgh has a complete list of Pittsburgh’s Top Accolades from 2013 and 2014 and the lists are not short ones! It’s certainly easy to see why Pittsburgh is so lovable – but how accurate are those lists? Let’s take a closer look at just how affordable Pittsburgh is by diving in to some mortgage statistics for our beautiful city in 2015 so far.

Taking A Look Back

But before looking at the current mortgage rates lets take a quick look back at some predictions about this year’s outlook. The Pittsburgh Post-Gazette wrote an article just before the new 2015 year started and predicted that there would be approximately a 4% jump in the 30-year fixed rate mortgage and about a 6% jump in the year 2020. It also predicted that there would be increased median home prices, and homes for sale. Finally it predicted that credit rates would increase in 2015 to 13.75% and in 2020 to 15.75%. Let’s see if any of those predications have come true so far in 2015.

Pittsburgh Real Estate Mortgage Statistics for 2015

  • June 30-yr fixed mortgage rate was up about 4.15%
  • July 30-yr fixed mortgage rate was up about 4.08%
  • August 30-yr fixed mortgage rate was only up about 4.5%
  • (According to com) 15-yr. fixed rate increased 3.23%
  • Average 5/1 adjustable-rate mortgage increased 1 base point to 3.24%
  • Mortgage applications overall decreased 6.2%

Based on these statistics from it seems as though the 2015 predictions have held true so far in 2015. Even though rates are up a monthly mortgage is still cheaper than Pittsburgh’s average rent prices. For example, with a 740+ credit score a 30-year fixed mortgage could be as low as $760 a month compared to the average rent list price in Pittsburgh of $1,300. So though the above mortgage statistics may seem a bit scary, remember that it’s still cheaper to own a home over renting one!

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