Compare Condo Mortgage Rates

Compare Today's Condo Mortgage Rates

Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners.

Applied Filters: Good (720-739), 30-year fixed, Condo, Primary residence.

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30-year fixed

EXPLORE QUOTE

on Tomo

Tomo: NMLS#2059741

Lowest APR

Lowest monthly payment

Great for Mortgage rate transparency

Conventional 30-year fixed

4.0

NerdWallet rating

APR

7.823%

Interest rate

7.75%

Mo. payment

$1,720

Insurance $0

Total fees

$1,683

About this lender

Visit lender's website

Pros

Special program offers a pricing break for first first-time home buyers.
Offers financing options for self-employed borrowers and those without Social Security numbers.
Interactive mortgage rates tool takes credit score and location into account.

Cons

Purchase loans are not available in all states.
Doesn’t offer home equity loans or lines of credit.
No refinancing options are available.

EXPLORE QUOTE

on Simplist

Simplist: NMLS#1764611Conventional 30-year fixed

4.5

NerdWallet rating

APR

7.898%

Interest rate

7.875%

Mo. payment

$1,741

Insurance $0

Total fees

$526

About this lender

Visit lender's website

Pros

Loan origination process can be completed online.
Offers government-backed FHA and VA loans.
Offers module that compares mortgage rates among other lenders.

Cons

Offers loans in many states and Washington, D.C., but not nationwide.
Does not offer home equity loans or lines of credit.

EXPLORE QUOTE

Central Bank: NMLS#407985Conventional 30-year fixed

4.0

NerdWallet rating

APR

7.899%

Interest rate

7.875%

Mo. payment

$1,741

Insurance $0

Total fees

$554

About this lender

Visit lender's website

Pros

Among the best when it comes to online convenience.
Offers a full selection of mortgage types and products, including jumbo, home equity, and government loans.
Claims to offer preapproval within 24 hours of loan application.

Cons

You'll have to complete a loan application to see mortgage interest rates.
Bank branch locations limited to the Midwest.
Does not offer home equity lines of credit.

EXPLORE QUOTE

New American Funding: NMLS#6606

Great for first-time home buyers | customer service

Conventional 30-year fixed

4.0

NerdWallet rating

APR

8.062%

Interest rate

7.99%

Mo. payment

$1,760

Insurance $0

Total fees

$1,629

About this lender

Visit lender's website | Call (888) 978-8131

Pros

Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities.
Its home equity line of credit can be used for an owner-occupied or second home.
Has a program to enable buyers to make cash offers.
Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

Cons

Mortgage origination fees tend to be on the high end.
Personalized mortgage rates are not available on the website without providing contact information.

EXPLORE QUOTE

NBKC: NMLS#409631

Great for first-time home buyers | digital convenience | customer service

Conventional 30-year fixed

4.5

NerdWallet rating

APR

8.456%

Interest rate

8.375%

Mo. payment

$1,825

Insurance $0

Total fees

$1,803

About this lender

Visit lender's website | Call (888) 871-2381

Pros

Offers government-backed loans and some harder-to-find products, such as construction loans and specialty mortgages for pilots.
Offers low rates and fees compared with other lenders, according to the latest federal data.
Displays customized rates, with fee estimates, without requiring contact information.

Cons

HELOCs and construction-to-permanent loans are available only in the Kansas City metro area.

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

Mortgage rate trends (APR)

NerdWallet’s mortgage rate insight

7.204%

30-year fixed-rate

“

On Thursday, April 25, 2024, the average APR on a 30-year fixed-rate mortgage remained at 7.204%. The average APR on a 15-year fixed-rate mortgage rose 5 basis points to 6.405% and the average APR for a 5-year adjustable-rate mortgage (ARM) rose 2 basis points to 7.751%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 3 basis points lower than one week ago and 70 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

Accurate as of 04/25/2024

Product	Interest Rate	APR
30-year fixed-rate	7.132%	7.204%
20-year fixed-rate	6.965%	7.064%
15-year fixed-rate	6.280%	6.405%
10-year fixed-rate	6.156%	6.343%
7-year ARM	6.904%	7.678%
5-year ARM	6.736%	7.751%
3-year ARM	8.125%	8.355%
30-year fixed-rate FHA	6.222%	7.014%
30-year fixed-rate VA	6.422%	6.699%

Best Mortgage Lenders

Lender	NerdWallet Rating	Min. credit score	Min. down payment	Learn more
NBKC: NMLS#409631 Learn more at NBKC at NBKC	5.0 /5 FHA loans Best for FHA and VA loans	620	3.5%	Learn more at NBKC at NBKC
Guaranteed Rate: NMLS#2611 Learn more at Guaranteed Rate at Guaranteed Rate	5.0 /5 Home loans overall Best for first-time home buyers, jumbo loans and HELOCs	620	3%	Learn more at Guaranteed Rate at Guaranteed Rate
Alliant: NMLS#197185 Read review	5.0 /5 Jumbo loans Best for jumbo loans	620	5%	Read review
Andrews Federal Credit Union: NMLS#410421 Read review	5.0 /5 Home loans overall Best for first-time home buyers	620	3%	Read review
PNC: NMLS#446303 Read review	5.0 /5 Home loans overall Best for first-time buyers, FHA and jumbo loans, HELOCs	620	3%	Read review

A Beginner’s Guide to CONDO Mortgages

Last updated on May 2, 2022

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.