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The average rate on a 30-year fixed-rate mortgage fell four basis points, the rate for the 15-year declined four basis points and the 5/1 ARM was unchanged, according to a NerdWallet survey of daily mortgage rates published Friday by national lenders. The average rate on the 30-year fixed is four basis points higher than one week ago. A basis point is one one-hundredth of one percent.
NerdWallet’s mortgage rate tool can help you find competitive, 20-year fixed mortgage rates customized for your needs. Just enter some information about the type of loan you’re looking for and you’ll get a personalized rate quote in minutes, without providing any personal information. From there, you can start the process to get preapproved for your home loan and be on your way to making offers. It’s that easy.
A 20-year fixed-rate mortgage maintains the same interest rate and monthly payment over the 20-year loan period. The 20 year fixed-rate mortgage allows the borrower to pay off the mortgage faster and typically has a low interest rate when compared to common 30 year fixed-rate mortgages. But monthly payments are usually higher than with 30 year fixed-rate mortgages.
With lower interest rates and a shorter payoff period than a 30-year fixed-rate mortgage, and lower monthly payments than a 15-year fixed-rate mortgage, the 20-year fixed rate hits the sweet spot for some borrowers. It also offers stability and peace of mind because your monthly payment won’t change no matter what happens to inflation or market interest rates.