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Current 20-year mortgage rates

On Sunday, June 23, 2024, the national average 20-year fixed mortgage APR is 6.77%. The average 20-year refinance APR is 6.79%, according to Bankrate's latest ... survey of the nation's largest mortgage lenders.

20-year mortgage rates today

The table below brings together a comprehensive national survey of mortgage lenders to help you know what are the most competitive 20-year mortgage rates. This table is updated daily to give you the most current interest rates and APRs when choosing a 20-year fixed mortgage loan.

20-year mortgage vs. other loan terms 

If you’re looking to pay down your mortgage quickly, a 20-year mortgage offers a good compromise. The rates are lower than those for 30-year loans, so you’ll pay less interest over the life of the loan. While 20-year rates are higher than those for 15-year mortgages, the monthly payments on a 20-year loan are lower.

Product Interest Rate APR
20-Year Fixed 6.72% 6.77%
30-Year Fixed 6.95% 7.00%
15-Year Fixed 6.39% 6.47%
10-Year Fixed 6.28% 6.35%

Rates as of Sunday, June 23, 2024 at 6:30 AM

Should you get a 20-year mortgage? 

These shorter loans offer an alternative to the more popular 30- and 15-year terms. Compared to a 30-year loan, you’ll pay down your balance quicker, while paying less interest to your lender. On the other hand, a 20-year loan’s monthly payments will be higher than a 30-year loan for the same amount.

If you want to pay off your home in less than 30 years, a 20-year mortgage offers lower monthly payments than a 15-year mortgage. To determine if a 20-year mortgage is right for you, do the math using the Bankrate Mortgage Calculator. Get the latest interest rates for 20-year fixed-rate mortgages above. Be sure to check back regularly, as rates do change.

Also, think about your own financial goals and how a mortgage fits in. If it’s more important to you to lower your monthly payments to stretch your monthly budget, a longer-term mortgage is probably a better choice. But if you’d prefer paying less in interest even if it means higher costs each month, a 20-year loan could do the trick.

Key questions to ask:

  • Do you value paying down your mortgage quickly? If so, a 20-year mortgage can make sense.
  • How much room do you have in your budget? A 20-year loan offers lower payments than a 15-year mortgage.

Pros of 20-year mortgages

  • You’ll pay off your mortgage faster.
  • You’ll accelerate the loan repayment without making payments as high as you would with a 10- or 15-year mortgage.
  • You can obtain a lower interest rate and save thousands over the life of the loan.

Cons of 20-year mortgages

  • Your monthly payments will be higher than they would be with a 30-year loan.
  • It offers less buying power.
  • You’ll have less cash on hand month to month.

How much can you save with a 20-year mortgage?


Writer, Home lending

"A 20-year mortgage means 10 fewer years spent paying interest compared to a 30-year mortgage. For many loans, that can mean a savings of well into six figures. Of course, the specific amount you’d save depends on the interest rate and loan amount."

How to get the best 20-year mortgage rate

Prepare for your home search by reviewing your credit and finances to determine whether you need to up your credit score and how much you can afford to put toward a home each month. Research current mortgage rates so you know what to expect when you rate-shop.

When you’re ready to get a 20-year loan, the rule of thumb is to compare at least three mortgage offers by:

  1. Getting preapproved: Collect quotes from three or more mortgage lenders — ideally on the same day because rates can change quickly. Lenders set your mortgage rate based on your credit score, debt-to-income (DTI) ratio and other factors, including the size of your down payment. If you have some flexibility around those variables, you might find a better deal.
  2. Comparing the annual percentage rates (APR): The APR reflects some of the expenses you’ll incur for the loan, such as the origination fee and any mortgage points, in addition to the interest rate.
  3. Considering the lender’s ratings and your experience: Aside from the numbers, evaluate other factors such as convenience or the lender’s responsiveness. Take a look at what other borrowers have had to say about the lender, too.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163

3.6

Rating: 3.6 stars out of 5
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Recent Customer Reviews

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Rating: 4.98 stars out of 5

5.0

562reviews

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Homefinity

NMLS: 2289

State License: 4965

4.5

Rating: 4.5 stars out of 5
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Recent Customer Reviews

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Rating: 4.94 stars out of 5

4.9

1064reviews

20-year mortgage FAQ

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Laurie Dupnock, Editor, Home Lending

I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English. 

Read more from Laurie Dupnock