PNC Bank Mortgage Interest Rate and Cost Review

Is PNC Bank a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by PNC Bank with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (+0.05%)
Loan Related Closing Costslower than average (-$633)
National Rate and Closing Cost Rating(3.5)

On average, PNC Bank’s interest rates were similar to those of other lenders (+0.05%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$633. Overall, combining interest rates and closing costs we estimate that PNC Bank tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.5 out of 5.0 stars.

PNC Bank’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track PNC Bank was most active in:

  1. Pittsburgh, PA
  2. Chicago, IL
  3. Jersey City, NJ
  4. Washington, DC
  5. Philadelphia, PA

Furthermore, PNC Bank is our top ranked mortgage lender in terms of interest rate and closing costs in:

  1. Pittsburgh, PA, for FHA mortgages
  2. Scranton, PA, for Jumbo mortgages
  3. Huntington, WV, for Jumbo mortgages
  4. Jacksonville, NC, for FHA mortgages
  5. Defiance, OH, for VA mortgages
  6. Winona Lake, IN, for FHA, and VA mortgages
  7. Bardstown, KY, for VA mortgages
  8. Bloomsburg, PA, for Jumbo mortgages

You can click through to check out PNC Bank’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

PNC Bank’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, PNC Bank originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases and refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.08%-0.13%-0.01%-0.01%-0.02%
Loan Related Closing Cost Difference-$396-$642-$171-$59-$116
Cost Adjusted Rate Difference-0.13%-0.20%-0.02%-0.02%-0.03%
Star Rating(4.0)(4.5)(3.5)(3.5)(3.5)
Refinance MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference+0.14%-0.02%-0.02%-0.00%+0.02%
Loan Related Closing Cost Difference-$815-$151-$385-$9-$180
Cost Adjusted Rate Difference+0.03%-0.03%-0.02%-0.00%-0.00%
Star Rating(3.5)(3.5)(3.5)(3.5)(3.5)

As a summary, PNC Bank is cheap for Conforming and FHA purchase mortgages. It is similar to other lenders for Jumbo, USDA and VA purchase mortgages. For refinancing, PNC Bank is similar to other lenders for Conforming, FHA, Jumbo, USDA and VA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about PNC Bank:

Registered name: Pnc Bank
Registered city and state: Pittsburgh, PA, 15222
Regulator: Consumer Financial Protection Bureau (CFPB)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for PNC Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.