Home Loans - Pennsylvania Housing Finance Agency Announces Lowest Ever Interest Rates

The Pennsylvania Housing Finance Agency (PHFA), which works towards providing elderly people, lower- and middle-income families, as well as people with special housing needs with affordable homeownership and rental apartment options, recently announced that the current interest rates being applied to its home loan products were the lowest rates they had ever offered during the entire 38 years in which they have been in operation.

Brian A. Hudson Sr., the Executive Director and Chief Executive Officer of the PHFA, issued the following statement regarding the current situation, and the opportunities that this situation presented: “These highly attractive and competitive interest rates are important because they help our agency better achieve its mission of providing affordable housing for low- and moderate-income Pennsylvanians. In the 38 years that PHFA has been in existence, we’ve never been able to offer interest rates this low.”

Hudson also explained the reasons behind the all time low rates that they were currently offering to the people that they served, commenting, “The Pennsylvania Housing Finance Agency raises the vast majority of its operating revenue from the sale of bonds through the financial markets, not from taxes. Thanks to our partnership with the U.S. Treasury, and their support of the municipal bond market, we’re able to offer these historically low interest rates. That, in turn, makes housing more affordable and sustainable for the Pennsylvania families we serve.”