Current 20-year mortgage rates

How to use our mortgage rate table to find personalized rates

The table above will show you estimated mortgage rates from different lenders, tailored to you. Fill out the fields above as accurately as possible so we can get a sense of where you live, what you’re looking to do and your financial situation. Based on the information provided, you will get custom quotes and be on your way to getting a new mortgage. This is an estimate; your actual rate will depend on a number of factors.

How Bankrate mortgage rates are calculated

Lenders nationwide provide weekday mortgage rates to our comprehensive national survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans. The interest rate table below is updated daily to give you the most current purchase rates when choosing a home loan. APRs and rates are based on no existing relationship or automatic payments. For these averages, the customer profile includes a 740 FICO score and a single family residence. To learn more, see understanding Bankrate rate averages.

Why trust Bankrate?

Bankrate has been the authority in personal finance since it was founded in 1976 as the “Bank Rate Monitor,” a print publication for the banking industry. Bankrate has been surveying and collecting mortgage rate information from the nation’s largest lenders for more than 30 years. Hundreds of top publications, such as The New York Times, Wall Street Journal, CNBC and others, depend on Bankrate as a trusted source of financial information, so you know you’re getting information you can trust.

Top 5 Bankrate 20-year mortgage lenders

• Better.com – Best online lender
• HSBC Bank – Best bank lender
• McGlone Mortgage Group – Best overall
• AmeriSave Mortgage Corporation – Best non-bank lender
• Cardinal Financial Company – Best for low-credit score borrowers

Methodology

Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.

Better.com – Best online lender

Better.com, an online mortgage lender also known as Better Mortgage, is one of Bankrate’s top lenders overall, and also a best lender for refinancing and cash-out refinancing.

Strengths: Better.com’s digital home loan process allows you to get a preapproval in as little as three minutes and view 20-year and other mortgage rates online. The lender doesn’t charge origination or hidden fees, either.

Weaknesses: If you’re looking for an in-person experience when you get a mortgage, you’ll need to look elsewhere, as Better.com has no brick-and-mortar locations. (The lender does offer robust support through its website, however.)

Read Bankrate's Better.com mortgage review

HSBC Bank – Best bank lender

HSBC Bank is a global institution offering banking, lending and wealth management and a variety of products and services.

Strengths: Some of HSBC Bank’s loan options come with closing cost credits (for both banking clients and non-customers), which can save you money. The bank also offers what it calls “Family Assisted Financing” that allows relatives to help a borrower get a mortgage or refinance. (This is only available to banking clients, however.)

Weaknesses: If you’re interested in a 20-year loan, you’ll have to contact a loan officer to find out rates; HSBC Bank online only advertises rates for 30- and 15-year terms.

Read Bankrate's HSBC Bank USA mortgage user reviews

McGlone Mortgage Group – Best overall

McGlone Mortgage Group, owned by Homestead Funding Corp., is available in 45 states and Washington, D.C.

Strengths: McGlone Mortgage Group’s convenient mobile app allows you to prequalify for a loan, begin your application, scan and upload documents and calculate estimated mortgage payments.

Weaknesses: The rates on 20-year mortgages and other types of loans aren’t displayed on McGlone Mortgage Group’s website. You’ll have to fill out a short questionnaire to get in touch with the lender and learn what you might qualify for.

Read Bankrate's McGlone Mortgage Group user reviews

AmeriSave Mortgage Corporation – Best non-bank lender

AmeriSave Mortgage Corporation is an online mortgage lender available in every state (minus New York) and Washington, D.C. It’s one of Bankrate’s top lenders overall and best FHA lenders.

Strengths: Similar to competitors, AmeriSave Mortgage Corporation provides rate quotes quickly, and aims to close loans in “days, not weeks,” according to its website. Like other lenders, it offers 20-year loans, including rate-and-term and cash-out refinancing.

Weaknesses: You’ll have to pay a $500 application fee.

Read Bankrate's AmeriSave Mortgage Corporation review

Cardinal Financial Company – Best for low-credit score borrowers

Cardinal Financial Company, also doing business as Sebonic Financial, has both brick-and-mortar locations and online service for borrowers. The lender offers a range of loan products, including 30-year, 20-year and 15-year mortgages.

Strengths: Borrowers across the country can work with Cardinal Financial — it’s licensed in all states. The lender accepts credit scores as low as 620 for a conventional loan, 660 for a jumbo loan, 580 for an FHA or USDA loan and 550 for a VA loan.

Weaknesses: You won’t find current rates for a 20-year mortgage or other loan on Cardinal Financial’s website; you’ll need to contact the lender to get a real-time quote.

Read Bankrate's Cardinal Financial Company mortgage review

What is a 20-year fixed-rate mortgage?

A 20-year fixed-rate mortgage is a loan where your balance is paid off over 20 years at a fixed interest rate.

The 20-year mortgage is often overlooked by borrowers and lenders, but this unusual loan term comes with a distinct advantage. Compared to the more popular 30-year mortgage, a 20-year loan lets the homeowner shave a decade off the term — and save significantly on interest payments over the life of the mortgage. A 20-year mortgage is a middle ground between the longer, standard term and other short-term options like the popular15-year mortgage or the more aggressive 10-year mortgage.

See how your payment would compare to other loan terms

Here’s how monthly payments for principal and interest would compare for a $300,000 mortgage:

Loan Type	Interest Rate	Total Cost	Monthly Payment	Total Interest Paid
10-Year Mortgage	2.53%	$339,371	$2,828	$39,371
15-Year Mortgage	2.65%	$363,891	$2,021	$63,891
20-Year Mortgage	2.85%	$393,925	$1,641	$93,925
30-Year Mortgage	3.00%	$455,332	$1,264	$155,332

Should you consider a 20-year mortgage?

“A 20-year-fixed is good for someone who is refinancing for a lower rate and doesn’t want to extend their term back to 30 years. This way, if they are five to 10 years into payments on their current mortgage, they can continue making payments with the hopes of paying off the loan within their target time period,” says David Reiling, CEO of Sunrise Banks, based in Saint Paul, Minnesota. “In a purchase situation, if a client has a goal of paying off their home in less than 30 years, a 20-year fixed is a good alternative that offers lower monthly payments, as opposed to 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.

Pros and cons of a 20-year mortgage

The biggest advantage to a 20-year loan compared to a 30-year one is paying less interest over time. It also beats out a 15- or 10-year mortgage when it comes to monthly payments, so it can be a good middle ground for borrowers who want to pay off their loans faster, but still keep their monthly payments lower than they would be with even shorter loans.

Pros

• Less interest than a 30-year mortgage
• Faster payoff period lets you build home equity sooner
• Lower monthly payments than even-shorter loans makes them more affordable

Cons

• Higher monthly payments than longer-term loans
• Ties up cash in your house and makes it unavailable for other spending
• Locked into higher payments unless you refinance

Fees to consider with a 20-year mortgage

The costs and fees with a 20-year mortgage are similar to those of mortgages with other repayment terms. Expect to pay an average of about 2 to 4 percent of the loan’s principal amount at closing in fees, including origination fees and third-party costs like title insurance. It’s possible to wrap these fees into the loan, but doing so will cost you in the long run because you'll wind up paying more in interest.

How to find the best mortgage for you

Once you’ve settled on the length of the mortgage, it’s time to do your research to find the best mortgage for you (see these five kinds of mortgages to consider). This due diligence will mean comparing mortgage rates from several lenders, which might include mortgage brokers, traditional banks and online lenders. It’s smart to prepare for your mortgage search by reviewing your credit report to confirm it’s correct and evaluating your financial landscape to determine how much you can afford to put toward a home each month. “The key is to make sure the client is comfortable with their budget and payment,” says Reiling.

While there is no official “best season” to shop for a mortgage since rates are driven by the market and overall economic landscape, Reiling says, “Banks are much more competitive on rates when business is slow, which tends to be in the dead of winter around January or February.”

Learn more about fixed-rate loans

• Mortgage Calculator
• How to get a mortgage
• How to get pre-approved for a mortgage
• Mortgage rate forecast
• First time homebuyer grants and programs
• Mortgage points