Compare Today's Conventional Mortgage Rates

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.

Learn more about conventional mortgages: