Upon request from TimothyHarfield, here I am posting my small experiment.
I hope most of the Pega experts know these steps. But I would like to share this simple exercise for unknown techies. It is very easy to change the localhost URL with our custom site address. Here it is how it shows after following simple 7 steps 
Pls don’t get confused on the alias option given by Pega product in the application rule. Moreover the below custom changes would be applied in the app rule as well.
