6.647% APR 

Compare Today's Second Home Mortgage Rates

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Showing: Purchase, Good (720-739), 30-year fixed, Single family home, Secondary residence
Showing: Purchase, Good (720-739), 30-year fixed, Single family home, Secondary residence
License information
3 results:
30-year fixed
Farmers Bank of Kansas City: NMLS#613839
Farmers Bank of Kansas City
4.5
Lowest APR
Lowest monthly payment
Great for Rate transparencyConventional 30-year fixed
APR
6.634%
Interest rate
6.625%
Mo. payment
$2,562
Insurance $0
Total fees
$379
EXPLORE QUOTE
About this lender
Visit lender's website
Pros
  • Displays customized rates, with fee estimates, without requiring contact information.
  • Offers home equity loans and lines of credit.
  • Mortgage origination fees are on the low side compared to other lenders, according to the latest federal data.
Cons
  • Doesn’t offer government-backed FHA or USDA loans, or adjustable-rate mortgages.
  • Home renovation loans are not available.
  • Mortgage rates are on the high side compared to other lenders, according to the latest federal data.
Farmers Bank of Kansas CityFarmers Bank of Kansas City: NMLS#613839
4.5
Lowest APR
Lowest monthly payment
Great for Rate transparencyConventional 30-year fixed
APR
6.634%
Interest rate
6.625%
Mo. payment
$2,562
Insurance $0
Total fees
$379
About this lender
Pros
  • Displays customized rates, with fee estimates, without requiring contact information.
  • Offers home equity loans and lines of credit.
  • Mortgage origination fees are on the low side compared to other lenders, according to the latest federal data.
Cons
  • Doesn’t offer government-backed FHA or USDA loans, or adjustable-rate mortgages.
  • Home renovation loans are not available.
  • Mortgage rates are on the high side compared to other lenders, according to the latest federal data.
Northpointe: NMLS#447490
Conventional 30-year fixed
APR
7.525%
Interest rate
7.5%
Mo. payment
$2,797
Insurance $0
Total fees
$995
About this lender
Call (866) 356-0885|
Pros
  • Offers government-backed FHA and VA loans, including refinancing options, and USDA loans.
  • Jumbo loans available for vacation homes and investment properties.
  • Offers programs for borrowers with credit challenges, self-employed borrowers and professionals early in their careers who may still carry significant debt.
Cons
  • Mortgage rates are not published online.
  • Origination fees are on the high side, according to the latest federal data.
  • Doesn’t offer home equity loans or lines of credit.
NorthpointeNorthpointe: NMLS#447490
Conventional 30-year fixed
APR
7.525%
Interest rate
7.5%
Mo. payment
$2,797
Insurance $0
Total fees
$995
Pros
  • Offers government-backed FHA and VA loans, including refinancing options, and USDA loans.
  • Jumbo loans available for vacation homes and investment properties.
  • Offers programs for borrowers with credit challenges, self-employed borrowers and professionals early in their careers who may still carry significant debt.
Cons
  • Mortgage rates are not published online.
  • Origination fees are on the high side, according to the latest federal data.
  • Doesn’t offer home equity loans or lines of credit.
Tomo: NMLS#2059741
Tomo
4.0
Great for Mortgage rate transparencyConventional 30-year fixed
APR
8.58%
Interest rate
8.5%
Mo. payment
$3,076
Insurance $0
Total fees
$2,944
EXPLORE QUOTEon Tomo
on Tomo
About this lender
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.
TomoTomo: NMLS#2059741
4.0
Great for Mortgage rate transparencyConventional 30-year fixed
APR
8.58%
Interest rate
8.5%
Mo. payment
$3,076
Insurance $0
Total fees
$2,944
About this lender
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.

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)

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NerdWallet’s mortgage rate insight

6.647%

30-year fixed-rate

On Thursday, July 18, 2024, the average APR on a 30-year fixed-rate mortgage fell 5 basis points to 6.647%. The average APR on a 15-year fixed-rate mortgage remained at 5.831% and the average APR for a 5-year adjustable-rate mortgage (ARM) fell 4 basis points to 7.643%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 8 basis points lower than one week ago and 21 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-rate6.569%6.647%
20-year fixed-rate6.294%6.379%
15-year fixed-rate5.699%5.831%
10-year fixed-rate5.717%5.914%
7-year ARM6.702%7.489%
5-year ARM6.622%7.643%
3-year ARM8.125%8.355%
30-year fixed-rate FHA5.990%6.843%
30-year fixed-rate VA5.774%6.150%

Data source: ©Zillow, Inc. 2006 - 2021. Use is subject to the Terms of Use

A Beginner’s Guide to Second Home Mortgages
Last updated on May 2, 2022
Written by 
Senior Writer/Spokesperson
Holden Lewis
Written by 
Senior Writer/Spokesperson

What is a second home mortgage?

A second home is sometimes called a vacation home, and a second home mortgage is the loan you use to buy one, or to refinance the loan on one. When you have a primary residence, plus another home where you regularly spend time, the other residence is a second home.

From a lender's perspective, a place counts as a second home if:

  • It's a single-family residence where you stay for some portion of the year.

  • You have exclusive control over it, deciding who stays there, when and for how long.

  • It's suitable for year-round occupancy.

  • It's not a timeshare, nor does a management company control occupancy.

  • You don't rent it out year-round, and you don't use any rental income to qualify for the mortgage.

To get a mortgage to buy a second home, you probably will have to make a down payment of 10% or more.

If you rent the place out year-round or use rental income to qualify for the mortgage, a lender is likely to consider it an investment property instead of a second home. Investment properties often require bigger down payments.

How to find today's second home mortgage rates

NerdWallet’s mortgage comparison tool can help you find competitive second home mortgage rates today. In the filters above, enter details about the loan you’re looking for, and you can see rate quotes without providing personal information.

You may find that specifying a bigger down payment in the mortgage comparison tool will yield more rate quotes.

How second home mortgages are different

In general, mortgages for second homes require bigger down payments than mortgages for primary residences. To be eligible for purchase by Fannie Mae or Freddie Mac, a second home must have a down payment of at least 10%. But lenders can, and often do, require even bigger down payments than Fannie and Freddie require.

Fannie and Freddie charge higher fees on second home mortgages. Instead of requiring these fees to be paid upfront, lenders usually raise interest rates. As a result, mortgage rates on second homes tend to be higher.

The Federal Housing Administration, or FHA, insures mortgages only on owner-occupied principal residences. It doesn't insure loans to buy second homes.

The Department of Veterans Affairs guarantees VA loans for primary residences.

An option for coming up with the down payment on a second home

If the lender requires a big down payment on a second home, you might be able to tap the equity in your primary home to come up with the down payment. This would entail drawing from a home equity line of credit, or getting a home equity loan.

The lender for your second home will require you to show that you can afford to pay all of your debts: the mortgage on the primary home, the home equity loan or credit line and the mortgage on the second home.

Learn more about financing second homes:


About the author: Holden is NerdWallet's authority on mortgages and real estate. He has reported on mortgages since 2001, winning multiple awards.

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30-year-fixed mortgage rates