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About These Rates: The lenders whose rates appear on this table are NerdWallet’s advertising partners. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a lender’s site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.
Trends and insights
NerdWallet’s mortgage rate insight
On Friday, August 12th, 2022, the average APR on a 30-year fixed-rate mortgage rose 11 basis points to 5.258%. The average APR on a 15-year fixed-rate mortgage rose 8 basis points to 4.585% and the average APR for a 5-year adjustable-rate mortgage (ARM) fell 4 basis points to 4.496%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 7 basis points lower than one week ago and 234 basis points higher than one year ago.
A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR.
Current mortgage and refinance rates
|30-year fixed-rate FHA||4.132%||4.916%|
|30-year fixed-rate VA||4.392%||4.762%|
Condo Mortgage Rates
Buying a condo can mean homeownership with fewer maintenance headaches. And amenities — like fitness facilities, a pool and spa; perhaps even a cafe. While condo mortgage terms are often different than terms on single-family home loans, you’ll still want to shop for the best interest rate.
The NerdWallet condo mortgage rate tool returns customized interest rate offers in just seconds.
What are the differences between a mortgage on a condo and a house?
Because condo values are primarily based on the property as a whole, not just your unit, condo mortgage approval relies on your creditworthiness and the condo’s qualifications, too. That can include the value and condition of amenities, the homeownership association’s budget and financial stability — even the percentage of space dedicated to nonresidential purposes.
Another condo loan wrinkle: The lender will determine if the HOA or developer has any pending litigation against it that might impact the future value of the property.
How do mortgage rates on condos compare to mortgages on houses?
Condo mortgage rates are typically a little higher than on single-family homes. It’s a matter of the lender pricing in the risk of community-living structures. There are simply a lot of things that impact the value of the property that are out of the control of a single-unit owner.
Learn more about financing second homes:
About the author: Holden is NerdWallet's authority on mortgages and real estate. He has reported on mortgages since 2001, winning multiple awards.
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