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Conventional loans offer low down payments to qualified buyers and are readily available from most mortgage lenders. Find and compare conventional mortgage rates from lenders in your area.

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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.

Mortgage rate trends (APR)

NerdWallet’s mortgage rate insight

2.880%
30-year fixed-rate

On Tuesday, January 26th, 2021, the average APR on a 30-year fixed-rate mortgage remained at 2.880%. The average APR on a 15-year fixed-rate mortgage remained at 2.420% and the average APR for a 5/1 adjustable-rate mortgage (ARM) remained at 3.029%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 10 basis points lower than one week ago and 94 basis points lower 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

ProductInterest rateAPR
30-year fixed-rate2.824%2.880%
20-year fixed-rate2.893%2.966%
15-year fixed-rate2.320%2.420%
10-year fixed-rate2.468%2.591%
7/1 ARM3.338%3.113%
5/1 ARM3.221%3.029%
3/1 ARM4.250%3.451%
30-year fixed-rate FHA2.201%2.873%
30-year fixed-rate VA2.333%2.607%

Data source: ©Zillow, Inc. 2006 – 2020. Use is subject to the Terms of Use

How to shop for current conventional mortgage rates

NerdWallet’s mortgage rate tool provides you with real-time conventional-mortgage interest rates, based on just a small bit of information you provide. In the “Refine results” section, enter a few financial details about yourself and the property you want to buy. In moments, you’ll get a customized rate quote, without providing any personal information. From there, you can start the process of getting preapproved for your conventional mortgage. It’s that easy.

What is a conventional mortgage and who is eligible?

Conventional mortgages are loans that are not sponsored by the federal government — such as the government-backed loans administered by the FHA, VA and USDA. Conventional loans conform to standards set by Fannie Mae and Freddie Mac. Though they may sound like government agencies, Fannie and Freddie are actually private companies that buy mortgages, authorized as government-sponsored enterprises. In general, conventional loans are mortgages made to typical, creditworthy borrowers, whereas, government-backed loans are designed to help buyers with lower income or credit scores, military-connected borrowers and residents in rural communities.

When should you consider a conventional mortgage?

Today’s conventional mortgages offer down payments as low as 3%. If you put down less than 20%, however, lenders will typically require you to pay for mortgage insurance, which increases your monthly payment. Conventional loan mortgage rates vary depending on your personal financial situation as well as the term you choose, such as 10, 15, 20 or 30 years. It’s fairly easy to shop conventional mortgage rates because many lenders offer conventional loans; government-backed mortgages can sometimes be harder to find.

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