Current 20-year mortgage rates

20-year mortgage rates today

If you’re looking to pay down your mortgage quickly, a 20-year mortgage offers a good compromise. Your monthly payments may be higher than those for the more popular 30-year loan, since you’re paying off the same amount faster — but the rates are lower, and you’ll pay less interest over the life of the loan.

The table below uses a comprehensive national survey of mortgage lenders to help you understand the current interest rates and APRs for a 20-year fixed mortgage loan. This data is updated daily.

How to get the best 20-year mortgage rate

It's important to research current mortgage rates so you know what to expect when you rate shop, based on your credit and financial profile. To get the best offer, compare at least three mortgage offers by following these steps:

1. Get preapproved. Collect quotes from three or more mortgage lenders — ideally on the same day, because rates can change quickly. Lenders set the mortgage rate they're willing to offer you based on your credit score, debt-to-income (DTI) ratio and other factors, including the size of your down payment. If you can increase your down payment, for example, you may be able to find a better deal.
2. Compare the annual percentage rates (APRs). The APR reflects the interest rate as well as other expenses you’ll incur for the loan, such as an origination fee and any mortgage points.
3. Consider the lender’s ratings and your experience. Aside from the numbers, evaluate other factors, such as convenience and customer service. Take a look at what other borrowers have said about the lender online, too.

Should you get a 20-year mortgage? 

These loans offer an alternative to 30- and 15-year terms. Compared to a 30-year loan, you’ll have a larger monthly payment, but you'll pay down your balance more quickly while paying less interest to your lender. In contrast, a 20-year mortgage offers lower monthly payments than a 15-year mortgage.

To determine whether a 20-year mortgage is right for you, do the math using Bankrate's mortgage calculator. Get the latest interest rates for 20-year fixed-rate mortgages above, and be sure to check back regularly, as rates can change quickly.

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

Is a 20-year mortgage better than just making extra payments on a 30-year loan?

Thirty-year mortgages are the most common type of home loan, but you may want to pay off your mortgage sooner. Here are the benefits of a 20-year mortgage versus paying extra on a 30-year loan:

• 20-year mortgage: Mortgage loans of 20 years generally have lower rates than their 30-year counterparts — and in turn, you’ll pay less overall interest. But because you’re paying for your home over a shorter term, your required monthly payment will be higher. 
• 30-year mortgage: A longer loan comes with lower minimum monthly payments, and you’re free to pay extra each month to whittle down your balance. This gives you the freedom not to pay extra when lean times hit. Because you’re paying off your home more slowly, however, it takes longer to build up equity.

Pros of 20-year mortgages

• You’ll pay off your mortgage faster than you would with a typical 30-year loan.
• Your monthly payments will be lower than they would be 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.
• You'll have less buying power.
• You’ll have less discretionary cash on hand month-to-month.

Why a 20-year mortgage could be the sweet spot

Depending on your financial needs and goals, a 20-year mortgage could be your “Goldilocks” option, offering a lower interest rate and the chance to be debt-free a decade earlier than with the common 30-year term. The following example illustrates how a 20-year mortgage stacks up against 15- and 30-year options for a $400,000 loan with a fixed rate:

* Rates based on national average as of May 29, 2026

Ultimately, a 20-year mortgage could offer a competitive interest rate and a manageable monthly payment, saving you over $200,000 in total interest compared to a 30-year loan, while avoiding the highest monthly payment of the 15-year note.

Additional mortgage resources

• Mortgage resources: Explore the latest mortgage news and expert advice from Bankrate
• How to get the best mortgage rate: When you’re ready to buy, these tips can help you find the best rate
• Amortization calculator: Use Bankrate’s calculator to preview your loan amortization schedule and payoff date