3.171% APR

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At a glance
  • Full line of fixed and adjustable rate mortgages, including FHA and VA loans.
  • Good for: People comfortable using online tools and those looking for FHA loans. Minimum credit score of 620, 580 for FHA loans.
  • Strengths: Verifies employment and tells you how much you qualify for in minutes.
  • Weaknesses: No HELOC or home equity loans. Relies on traditional credit measures.
  • Learn more
  • Offers loan products starting with as little as 3% down
  • Doesn't charge lender fees, such as application, underwriting and origination charges
  • Strengths: Offers an "underwriter reviewed" preapproval letter in as little as 24 hours.
  • Weaknesses: Not available in all 50 states.
  • Learn more

For today, August 12th, 2020, the current average mortgage rate on the 30-year fixed-rate mortgage is 3.171%, the average rate for the 15-year fixed-rate mortgage is 2.686%, and the average rate on the 5/1 adjustable-rate mortgage (ARM) is 2.998%. Rates are quoted as annual percentage rate (APR).

Why you can trust NerdWallet’s mortgage rate averages

To make financial decisions with confidence, you need information you can trust. NerdWallet’s mortgage rate averages are trustworthy because they are independent of any business relationships with lenders. NerdWallet gathers mortgage rates daily from national and regional lenders on consumer-facing websites. To see which lenders NerdWallet gathers rates from, and which assumptions we use, see the NerdWallet Mortgage Rate Index methodology.