Compare Current Mortgage Rates for July 2020

We want to help you make more informed decisions. Some links on our site — clearly marked — will take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

Advertised & Editorial Rates: This table includes two types of listings: ads that we may be paid for (“advertiser listing”); and listings that we research and publish to provide a more holistic view of market rates (“editorial listings”). Here’s how to tell the difference: if you see a clickable button, such as a green “Next” button, that is an advertiser listing, and if you do not see a clickable button, it’s an editorial listing. For more information, see our Advertising Disclosure

Accuracy of Advertised Terms: Each advertiser is responsible for the accuracy and availability of its ad offer details. However, we attempt to verify those details through our quality control program. For more information, see our Quality Control Program.

Editorial Content: We include editorial content below the rate table to educate consumers about financial products and services. Some of that content may also contain ads, including links to advertisers’ sites, and we may be paid on those ads or links. For more information, see How We Make Money.

Terms and Phrases that may be used in this Mortgage Rate Table

Upfront costs: The upfront costs are charged for originating the loan. These costs are commonly labeled as Origination, Application, Processing, Underwriting, or Administration fees. The upfront costs may not include all costs associated with securing your mortgage. Please visit the Consumer Financial Protection Bureau’s website or consult a loan officer or broker for more information.

Points: Points are fees paid directly to the lender in exchange for a reduced interest rate. A point is equal to 1% of the borrowed funds. By paying points, you save money on interest over your mortgage’s term.

5-year cost: This is an estimated amount you’ll pay in interest and costs, such as the upfront costs and points, for the identified time. The estimated amount does not include principal payments or other costs, such as taxes, insurance, or private mortgage insurance. Your actual loan terms, such as the rate, annual percentage rate, monthly payment, and upfront costs, may be different because of other factors, such as your credit score, income, and employment history.

Calculate your monthly payment:

Principal: The face value of a loan, independent of the interest charged on the loan amount.

Interest: Payments made to a lender by a borrower in exchange for a loan.

Property Tax: Any tax on real estate or certain other forms of property.

Private mortgage insurance (PMI): An insurance policy that compensates lenders for losses from a mortgage loan default.

Homeowner association (HOA): A private association formed by a real estate developer for the purpose of marketing, managing, and selling homes and lots in a residential subdivision.

One-time fees breakdown: These fees are estimates of the fees charged by the lender for processing, approving and funding a loan.

Current Mortgage and Refinance Rates

ProductInterest RateAPR
30-Year Fixed Rate%%
30-Year FHA Rate%%
30-Year VA Rate%%
30-Year Fixed Jumbo Rate%%
20-Year Fixed Rate%%
15-Year Fixed Rate%%
15-Year Fixed Jumbo Rate%%
5/1 ARM Rate%%
5/1 ARM Jumbo Rate%%
7/1 ARM Rate%%
7/1 ARM Jumbo Rate%%
10/1 ARM Rate%%
ProductInterest RateAPR
30-Year Fixed Rate%%
30-Year FHA Rate%%
30-Year VA Rate%%
30-Year Fixed Jumbo Rate%%
20-Year Fixed Rate%%
15-Year Fixed Rate%%
15-Year Fixed Jumbo Rate%%
5/1 ARM Rate%%
5/1 ARM Jumbo Rate%%
7/1 ARM Rate%%
7/1 ARM Jumbo Rate%%
10/1 ARM Rate%%

Current Mortgage Rates

LoanInterest RateAPR
30-Year Fixed Rate3.30%3.54%
30-Year FHA Rate3.15%3.69%
30-Year VA Rate3.15%3.39%
30-Year Fixed Jumbo Rate3.36%3.42%
20-Year Fixed Rate3.24%3.45%
15-Year Fixed Rate2.79%3.07%
15-Year Fixed Jumbo Rate2.86%2.91%
5/1 ARM Rate3.13%3.77%
5/1 ARM Jumbo Rate3.03%3.50%
7/1 ARM Rate3.23%3.69%
7/1 ARM Jumbo Rate3.24%3.58%
10/1 ARM Rate3.38%3.72%

These rate averages are based on weekday mortgage rate information provided by national lenders to Bankrate.com. These marketplace average rates for a variety of purchase loan types were last updated on June 30, 2020. It is possible rates have changed since this was last updated.

What Is a Mortgage Rate?

A mortgage rate is the interest lenders charge on a mortgage. Mortgage rates come in two forms: fixed or variable. Fixed rates never change for the life of your loan — and in exchange for this certainty, the rate is higher on longer loans. Variable-rate mortgages can have lower interest rates up front, but fluctuate over the term of your loan based on broader economic factors. How frequently a variable-rate mortgage changes varies based on the loan’s terms. For example, a 5/1 ARM (Adjustable Rate Mortgage) would have a fixed rate for the first five years of the loan, then change every year after that.

How Do I Find the Best Mortgage Rate?

Finding the best home mortgage rate is a matter of knowing your goals and picking the right tool to get the job done. The best mortgage for you may not always be the one with the lowest interest rate. Factors like how long you plan on living in your home will impact your decision.

If you plan on living in your new home long-term, then a fixed-rate mortgage is ideal. Mortgage rates today are very reasonable for fixed-rate 10-, 15-, or 30-year mortgages, and being able to lock in low rates is a smart choice. But you can get lower mortgage rates with some adjustable-rate loans. So if you plan on only keeping your home (or current mortgage) for three to 10 years, then you may be able to pay less interest with an ARM.

How Do I Find Personalized Mortgage Rates?

Finding personalized mortgage interest rates is as easy as talking to your local mortgage broker or searching online. While most factors that impact mortgage interest rates are out of your control, rates still vary from person to person. Lenders charge higher home mortgage rates to borrowers they deem more risky. So having a high credit score (740+) will get you the best interest rates. Lenders also look at how much you are borrowing compared to the home’s value; this is known as loan-to-value, or LTV. You’ll get a better rate when the LTV is below 80%. So if your future home has a value of $200,000, you’ll get the best rates if the loan is for $160,000 or less.

When Is the Right Time to Get a Mortgage?

Before you apply for a mortgage, you should have a proven reliable source of income and enough saved up to cover the down payment and closing costs. If you can save at least 20% for a down payment, you can skip paying for private mortgage insurance and can qualify for better interest rates. 

At the end of the day, the best time to apply is when you’re ready. But there are other details to consider when timing your home purchase. Because home sales slow down during the winter, you may be able to get a better price in January or February. However, general nationwide trends won’t necessarily apply to your local real estate market. To get a better sense of the nuances of your area it’s important to talk with local experts.

How Do I Choose a Mortgage Lender?

When it comes to choosing a mortgage lender, picking the right one can save you in the long run, but you’ll need to know what you’re comparing. The right lender for you might not always be the one with the best mortgage rates, although that’s often the biggest factor to consider. You’ll also want to scrutinize other aspects of your loan, like the monthly payment, closing costs, down payment, and the lender’s processing fees.

Because there is so much to look at, it’s important to work with a competent lender you trust. You want someone who can pull the curtain back and show you what all these costs mean and help you make the best choice for your situation. To find a trusted lender you can look at online reviews, or even better, ask around. Your real estate agent and friends who recently purchased a home are great sources for mortgage lender recommendations.