Conventional mortgage rates
Find and compare the best conventional mortgage rates for a second home from lenders in your area.
NerdWallet reviewed lenders:
Based on your ZIP code, credit score, loan amount, and other criteria.
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MO. PAYMENT
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MO. PAYMENT
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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
On Friday, Sept. 20, 2019, the average rate on a 30-year fixed-rate was unchanged at 4.09%, the rate on the 15-year fixed slipped one basis point to 3.63% and the rate on the 5/1 ARM fell two basis points to 4.30%, according to a NerdWallet survey of daily mortgage rates published by national lenders. A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR. The average rate on the 30-year fixed is one basis point higher than a week ago.
Mortgage rates today (APR)
| Loan type | Average rate | Change 1 day | Change 1 year |
|---|---|---|---|
| 30-year fixed mortgage rate | 4.09% | 0.0% | 0.81% |
| 15-year fixed mortgage rate | 3.63% | 0.01% | 0.76% |
| 5/1 ARM mortgage rate | 4.3% | 0.02% | 0.68% |
Conventional Mortgage Rates
Shopping for a home loan usually means comparing interest rates on conventional mortgages, the most common mortgage issued. This NerdWallet mortgage rate tool provides you with real-time conventional-mortgage interest rates, based on just a small bit of information you provide.
What are the differences between a conventional mortgage and other mortgage types?
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. It gets a bit confusing though because conventional loans are enabled by the market-making powers of Fannie Mae and Freddie Mac. They sound like government agencies but are actually private companies authorized as government-sponsored enterprises.
Too complicated? Try this: Conventional loans are mainstream mortgages made to typical, creditworthy borrowers. Government-backed loans help low- to moderate-income buyers, military-connected borrowers and residents in rural communities.
When should I pursue a conventional mortgage vs. another mortgage type?
If you have decent credit, at least a small down payment and some cash saved up for closing costs and moving expenses, a conventional mortgage is probably your best bet. Lenders like making conventional mortgages because they most easily fit their business models — with automated underwriting and assembly-line approval systems.
And today’s conventional mortgages offer low down payments (as little as 3%) and the easiest-to-shop mortgage rates (because every lender does conventional loans; not so with government-backed mortgages).
