The current state of mortgage rates
You may be seeing either no rates or higher-than-expected mortgage rates. Due to market factors, our mortgage partners have been experiencing a surge in applications which impacts the results you see here. In the meantime, you can compare this month's top lenders.
See our top lender picksWant the latest on the impact of COVID-19 on your home loan or mortgage rates in general?
Read the articleThe current state of mortgage rates
You may be seeing either no rates or higher-than-expected mortgage rates. Due to market factors, our mortgage partners have been experiencing a surge in applications which impacts the results you see here. In the meantime, you can compare this month's top lenders.
See our top lender picksWant the latest on the impact of COVID-19 on your home loan or mortgage rates in general?
Read the articleCompare conventional mortgage rates
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.
INTEREST RATE
MO. PAYMENT
TOTAL INTEREST
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INTEREST RATE
MO. PAYMENT
TOTAL INTEREST
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INTEREST RATE
MO. PAYMENT
TOTAL INTEREST
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INTEREST RATE
MO. PAYMENT
TOTAL INTEREST
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INTEREST RATE
MO. PAYMENT
TOTAL INTEREST
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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 Wednesday, July 8, 2020, the average rate on a 30-year fixed-rate mortgage was unchanged at 3.192%, the average rate on a 15-year fixed-rate mortgage dropped one basis point to 2.712% and the average rate on a 5/1 ARM was unchanged at 2.89%, according to a NerdWallet survey of mortgage rates published daily by national lenders. A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR. The 30-year fixed-rate mortgage is seven basis points lower than one week ago and 80 basis points lower than one year ago.
Current mortgage and refinance rates
| Product | Interest rate | APR |
|---|---|---|
| 30-year fixed rate | 3.081% | 3.192% |
| 20-year fixed rate | 2.875% | 3.085% |
| 15-year fixed rate | 2.537% | 2.712% |
| 5/1 ARM rate | 2.804% | 2.890% |
| 7/1 ARM rate | 2.688% | 2.876% |
| 10/1 ARM rate | 2.875% | 3.022% |
| 30-year fixed FHA rate | 3.875% | 4.881% |
| 30-year fixed VA rate | 2.938% | 3.269% |
| 30-year fixed jumbo rate | 3.250% | 3.314% |
| 15-year fixed jumbo rate | 3.000% | 3.097% |
Data source: NerdWallet mortgage rate index
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.
