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We want this to be a “win-win” situation. So, we only want to get paid if we bring you value in the form of finding a mortgage lender that works for you. After you review and select a lender participating on our platform, with your permission, we will transmit the information you shared with us to your lender, enabling you to complete a mortgage application with them. Upon transmission, your selected lender will compensate us for obtaining your information. Generally, our lenders pay us and incorporate the cost of our services as part of the final interest rate on your loan, or in your loan amount. You don’t pay anything to Credible if your loan does not close. This is common practice in mortgage transactions where you find your lender through a lender-review platform like ours, also known as a “lead generator.”

CURRENT 20-YEAR FIXED MORTGAGE RATES

Check 20-year fixed rates. Then personalize them.

Your mortgage rate depends on your credit score and other details. So once you check today’s rates, get a personalized quote just for you.

Checking rates won’t affect your credit score

Compare current 20-year mortgage rates from our lenders

With so many mortgage lenders competing for your business, you’ll want to shop around for the best mortgage rate. Enter some basic information about yourself and the property you’re looking to purchase in the table below to get started. We’ll generate loan options and show you prequalified rates from our partner lenders — all without affecting your credit score.

We arrange but do not make loans

HOW IT WORKS

Easy to start, easy to finish

1

Fill out a quick form

It takes about 3 minutes to tell us a little bit about you and your dream home.

2

Choose a prequalified rate

Compare transparent, prequalified mortgage rates from top lenders.

3

Finish up with the lender

Verify your information with the lender to close your loan.

Checking rates won’t affect your credit score

How we’re different

A modern approach to mortgages

  • Rates personalized for you

    No bias, no bait-and-switch. We show you transparent, prequalified rates so you can make an informed decision.

  • Security and privacy first

    We think you should be able to check rates without sharing your data or getting spammed. Crazy, we know.

  • All the help you need

    Fill out a simple form, choose a rate, then complete your mortgage online with the lender you choose.

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Checking rates won’t affect your credit score

Compare

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.

ProductInterest rateAPR

Last updated on Jun 23, 2024. These rates are based on the assumptions shown here. Actual rates may vary.

MORTGAGE CALCULATOR

Calculate your monthly mortgage payment

Total finance charges may be higher over the life of the loan • We arrange loans with third party providers.

Financial education

Need more info about getting a mortgage?

Getting pre-approved for a mortgage

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How to buy a house - a step by step guide

There are a lot more steps in the homebuying process than you might think. Review our checklist of steps to buying a house so you don’t forget anything along the way.

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Tips for first-time home buyers

From not saving enough for a down payment to skipping pre-approval, don’t fall victim to these first-time homebuyer mistakes. Here’s how you can avoid them.

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How to qualify for the best mortgage rate

You really have to do your research if you want to get the best mortgage rate. Here’s how to find the best rate for your situation.

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For education purposes only

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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By Alene Laney

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.

Edited by Reina Marszalek

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.

Reviewed by Mike Schmidt

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