Mortgage Rates in Oil City, Pennsylvania — March 2026
Updated March 2026 | Based on Oil City market data and regional lending conditions
Oil City is a growing city in Pennsylvania with a population of 9,750. The current 30-year fixed mortgage rate in Oil City is 6.83%, which is 0.18% above the national average. With a median home price of $209,000 and a 20% down payment of $41,800, homebuyers can expect a monthly principal and interest payment of approximately $1,093.
Current Mortgage Rates in Oil City, PA
Below are the current average mortgage rates available in the Oil City area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.83% | 6.65% | +0.18% |
| 15-Year Fixed | 6.05% | 5.89% | +0.16% |
| 5/1 ARM | 6.3% | 6.15% | +0.15% |
| FHA | 6.54% | 6.25% | +0.29% |
| VA | 6.29% | 6.05% | +0.24% |
| Jumbo | 7.08% | 6.85% | +0.23% |
Oil City Housing Market Overview
The Oil City housing market offers relatively affordable housing compared to many major cities. The median household income in Oil City is $62,900, and the cost of living index is 89.9 (national average = 100). Based on the 28% affordability rule, the median income in Oil City is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Oil City
Based on the median home price of $209,000 with 20% down ($41,800), here is what you can expect to pay monthly in Oil City:
15-Year vs. 30-Year Mortgage in Oil City
Choosing a 15-year mortgage in Oil City at 6.05% instead of a 30-year at 6.83% would save you $138,780 in total interest over the life of the loan. However, your monthly payment would be $1,415 instead of $1,093 — an increase of $322 per month.
Calculate Your Oil City Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Oil City
What are the current mortgage rates in Oil City, PA?
As of March 2026, the average 30-year fixed mortgage rate in Oil City, Pennsylvania is 6.83%, while the 15-year fixed rate is 6.05%. FHA loans average 6.54% and VA loans 6.29%. These rates are 0.18% above the national average of 6.65%.
How much is a monthly mortgage payment in Oil City?
Based on the median home price of $209,000 with 20% down, the estimated monthly mortgage payment in Oil City is $1,093 for principal and interest. Including property taxes of $240/month, the total monthly housing cost is approximately $1,333.
What income do I need to buy a home in Oil City?
Using the 28% rule, you would need an annual income of approximately $57,129 to afford the median-priced home in Oil City at $209,000. The median household income in Oil City is $62,900. The median income is currently sufficient to meet this threshold.
Is Oil City a good place to buy a home in 2026?
Oil City offers a below-average cost of living with a cost of living index of 89.9 (national average = 100). The property tax rate in Pennsylvania is 1.38%, which is near the national average. Oil City has a population of 9,750 and offers a very affordable lifestyle.
Mortgage Rates in Other Pennsylvania Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Oil City, Pennsylvania area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.