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CURRENT 20-YEAR FIXED MORTGAGE RATES
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WEEKLY TRENDS AND INSIGHTS
National mortgage interest rate trends
On the week of October 30, 2024, the current average interest rate for a 30-year fixed-rate mortgage decreased NaN basis points from the prior week to %. The current average interest rate on a 15-year fixed-rate mortgage decreased NaN basis points from the prior week to %.
For context, a 30-year fixed-rate mortgage was NaN basis points higher a year ago. As for a 15-year fixed-rate mortgage, it was NaN basis points higher a year ago.
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Mortgage rates by loan term
Mortgage rates drop or rise daily, reacting to changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in mortgage rates.
| Product | Interest rate | APR | ||||
|---|---|---|---|---|---|---|
General Information and Rate Disclosures: The listings that appear on this page are from companies that pay Credible compensation. This table does not include all companies or all available products. Displayed information is valid as of Oct 30, 2024 and assumes a customer with a 750 credit score borrowing a conventional loan for a single-family, primary residence, at or near zero discount points, and a 80% loan-to-home-value ratio. For products indicated as a jumbo (e.g. 30-year fixed jumbo rate), displayed information follows the same assumptions as a conventional loan but set at loan above the conforming limit. Here is an example of your payment based on a $400,000 loan amount, for each advertised loan term:
*Payments do not include amounts for taxes and insurance premiums, your actual payment obligation will be greater. The IP address of the customer accessing this page has been used to determine which U.S state should be used for pricing. In states where Credible does not have a license to operate, we are providing information about rates available in a nearby state. If you are viewing this page from an IP address in one of the states where Credible is not licensed, the rates displayed above are for consumers located in the neighbouring state shown below: IP state without license - Assumed location Missouri - Kansas Hawaii - California Rates, payments, and all information displayed are for informational purposes only and are subject to change without notice. This is not a credit decision or commitment to lend. Mortgage rates and terms you may qualify for depend on your individual financial circumstances. Payment Disclosures: All monthly payment amounts above assume on time monthly payments each month for the full duration of the loan term (e.g. 360 monthly payments for a 30 year loan). Displayed monthly payment amounts do not include amounts for property taxes and hazard insurance. Your actual monthly payment obligation will be higher. Amounts for borrower-paid mortgage insurance premiums are included in the monthly payment if (1) the loan amount is below the “conforming thresholds” set by Fannie Mae and Freddie Mac, and (2) the loan-to-home-value ratio is greater than 80%; mortgage insurance premiums are excluded from the monthly payment if either the loan amount is above the conforming thresholds or the loan-to-home-value ratio is less than or equal to 80%. Your actual payment obligation may be higher. “Conforming thresholds” depend on the county where the property is located. Fees Disclosures: The fee amounts shown above include estimates of loan costs and closing costs you may pay in connection with a mortgage transaction with the assumptions above. This includes fees the lender charges, including points and underwriting fees, and third party services the lender does not let you shop for such as a flood certification fee. It does not include title charges, recording costs, prepaids, initial escrow deposit, and other fees. ARM Disclosures: Variable rate products, such as ARMs, have interest rates that can change over the life of the loan. Changes in the interest rate will cause required payment amounts to change.” The displayed rate and payment will be in effect for the number of years in the product’s description (e.g. 5/1 ARM means the initial rate and payment are in effect for 5 years, 7/1 means they are in effect for 7 years, etc.), after which the rate and monthly payment will change every 12 months. Last updated on Oct 30, 2024. These rates are based on the assumptions shown here. Actual rates may vary. | ||||||
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Getting pre-approved for a mortgage
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The information in this section is provided for general education purposes only to allow you to shop for the best loan more effectively and does not necessarily reflect Credible services. For homebuyers, we will not display rates, loan options, take a mortgage application, or negotiate loan terms. We will provide advertisements of lenders you can select from based on a description of factors our lenders work with best.
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Alene is an award-winning personal finance writer based in the Southwest. Her focus is on helping families make optimal money choices in the areas of credit, mortgages, and loans. Award travel, in particular, is a true passion of hers that helped her travel when money was tight.
Reina Marszalek is Credible's senior mortgage editor and is an experienced multimedia content creator. She previously served as a managing editor at Policy Genius, where she covered the insurance and home verticals.
Mike Schmidt is Credible's senior manager of mortgage operations and is a licensed mortgage loan originator in 50 states. Mike has spent 18 years in the industry, working at various financial institutions. He has expertise in all mortgage products, including conventional, FHA, and VA loans.
A 20-year fixed mortgage is a mortgage that is repaid over a term of 20 years at a fixed interest rate. It usually has a lower interest rate than a 30-year fixed mortgage –– up to one percentage point –– but higher than a 15-year fixed-rate mortgage.
The shorter loan term means borrowers can build equity faster and save a substantial amount of money on interest.
Fixed 20-year mortgage rates come with higher payments than those of 30-year terms, which can make it harder to qualify for and buy a house. However, they’re not as high as you think. Because you’re skipping 10 years of interest payments, monthly payments tend to only be around 14% more than on a 30-year loan.
There are two ways to look at how a 20-year home interest rate is determined. One is personal factors you can control, like your credit score. The other is external factors beyond your control, like what the Federal Reserve Board sets the federal funds rate at. Either way, many things can impact the 20-year fixed mortgage rate you’re quoted.
Personal factors that affect 20-year fixed mortgage rates today include:
- Credit scores
- Home location
- Home price
- Loan amount
- Down payment
- Loan term
- Interest rate type
- Loan type
External factors that affect 20-year fixed mortgage rates include:
- Federal Reserve monetary policy
- Economic crisis
- World events
- Bond prices
- Inflation
Average 20-year fixed mortgage rates today vary quite a bit. To find the most current 20-year mortgage rates, you’ll want to take a look at what different lenders offer. Our mortgage comparison page allows you to compare offers from different lenders to find the best 20-year mortgage rates for you.
The lowest housing interest rates go to those that present the least amount of risk to the lender. If you have a high credit score, sufficient income, minimal debts, or a large down payment, you have a great chance of securing one of the best 20-year mortgage rates.
You also want to shop around for 20-year mortgage interest rates at several lenders. Fees, rates, and terms can vary, even among the best mortgage lenders.
To summarize the pros and cons, you’re looking at large savings on interest costs and a faster way to build up equity with 20-year fixed mortgage rates. However, these loans can come with a higher monthly payment that can be challenging to keep up with.
Pros
- Build equity faster: A 20-year mortgage builds equity much faster than a 30-year mortgage because of the higher payment and shorter term.
- Lower interest rate: Shorter mortgage terms typically come with lower interest rates than longer mortgage terms.
- Pay it off faster: A 20-year mortgage is paid off 10 years sooner than a 30-year mortgage.
Cons
- Higher monthly payment: A shorter mortgage term means a higher monthly payment.
- Harder to qualify: A 20-year mortgage comes with a higher monthly payment, making it a little harder to qualify for.
- Lower price point required: Because your monthly payment is higher, you’ll qualify at a lower price point, which can be hard for homebuyers looking for an upgraded home.
When it comes to 20-year mortgages vs. 30-year mortgages, there are a few trade-offs.
For a 20-year mortgage, you’ll usually pay a lower interest rate than you would on a 30-year mortgage. You’ll also pay much less in interest over the life of the loan, not just because you have a lower interest rate, but because you’re paying interest over 20 years instead of 30 years.
The savings on 10 years of interest is substantial. The trade-off is the monthly payment on a 20-year mortgage is much higher than a 30-year mortgage.
A 30-year mortgage, on the other hand, has a lower monthly payment. The interest costs are much higher, but if you need flexibility in your monthly costs, a 30-year mortgage may make more sense for you.
You may want to consider a 20-year fixed-rate mortgage in these scenarios:
- When you want to build equity faster: Getting a 20-year mortgage helps homeowners build equity more quickly than going with a 30-year mortgage. If you’re comfortable putting more of your money toward a monthly payment, you’ll want to look closely at a 20-year fixed-rate mortgage.
- When you have extra monthly income: A 20-year mortgage results in a higher monthly payment. You’ll have less disposable income each month, but you’ll save tons of money over the life of the loan.
- When you’re refinancing a home: Refinancing to a 20-year fixed-rate mortgage can help you pay off your home faster. You might also want to consider a 15-year fixed-rate mortgage.
- When you want to stay in the home for the long term: A 20-year interest rate makes more sense for buyers who plan to stay in the home for the long term. The extra money you’re putting toward a 20-year mortgage every month represents a large investment in the home.
Get your personalized mortgage quote today
Checking rates won’t affect your credit score