6.299% APR

Compare today's second home mortgage rates

Written by Holden Lewis
May 2, 2022

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Loan purpose
Showing results for: Good (720-739), 30-year fixed, Single family home, Secondary residence

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.

Trends and insights

Primary home mortgage rate trends (APR)

NerdWallet’s mortgage rate insight

30-year fixed-rate

On Sunday, February 5th, 2023, the average APR on a 30-year fixed-rate mortgage rose 8 basis points to 6.299%. The average APR on a 15-year fixed-rate mortgage rose 9 basis points to 5.504% and the average APR for a 5-year adjustable-rate mortgage (ARM) fell 4 basis points to 6.619%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 12 basis points higher than one week ago and 254 basis points higher 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-rate6.183%6.299%
20-year fixed-rate5.737%5.881%
15-year fixed-rate5.315%5.504%
10-year fixed-rate5.182%5.411%
7-year ARM6.024%6.682%
5-year ARM5.625%6.619%
3-year ARM2.340%3.371%
30-year fixed-rate FHA5.290%6.047%
30-year fixed-rate VA5.480%5.887%

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

Second Home Mortgage Rates

Owning a second home means avoiding those creepy short-term home rental disappointments and those nothing-to-do-this-weekend blues. It’s your place, only better. It’s somewhere cool.

Finding the best loan offer for your second home begins with shopping mortgage rates. With the NerdWallet second-home mortgage rate tool, punch in a little data and you’re combing through interest rate offers in no time.

What are the differences between a mortgage on a primary residence and a mortgage on a second home?

Lenders are a little more cautious on second-home financing, so you may find that making a decent-sized down payment helps seal the deal. It doesn’t have to be a huge chunk: 10% should work, in most cases.

Debt-to-income ratio requirements often are a little skinnier, too. Lenders may also look for two months’ payments in cash reserves — or more, depending on your credit profile.

And loan terms may vary a bit, depending on if the second home is a single-family unit, condo or manufactured housing.

How do mortgage rates on second homes compare to other mortgage types?

The interest rate on a second home can be a little higher than the rates you find on primary mortgages — maybe not by much, though. This loan may be held on your lender’s books rather than sold in the mortgage market, so they might have a little leeway and work harder to keep you happy.

As always, it pays to shop rates. That’s why you’re here, right?

What other options are available to finance a second home?

Using the equity built up in your primary residence can be a way to finance your home away. A home equity line of credit or home equity loan might help with the down payment, though you’ll still need to have the financial chops to qualify for the second home mortgage.

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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