Compare Conventional Mortgage Rates

Compare Today's Conventional Mortgage Rates

Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners.

Applied Filters: Good (720-739), 30-year fixed, Single family home, Primary residence.

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30-year fixed

EXPLORE QUOTE

on Tomo

Tomo: NMLS#2059741

Lowest APR

Lowest monthly payment

Great for Mortgage rate transparency

Conventional 30-year fixed

4.0

NerdWallet rating

APR

7.43%

Interest rate

7.375%

Mo. payment

$1,658

Insurance $0

Total fees

$1,289

About this lender

Visit lender's website

Pros

Special program offers a pricing break for first first-time home buyers.
Offers financing options for self-employed borrowers and those without Social Security numbers.
Interactive mortgage rates tool takes credit score and location into account.

Cons

Purchase loans are not available in all states.
Doesn’t offer home equity loans or lines of credit.
No refinancing options are available.

EXPLORE QUOTE

Central Bank: NMLS#407985Conventional 30-year fixed

4.0

NerdWallet rating

APR

7.52%

Interest rate

7.5%

Mo. payment

$1,679

Insurance $0

Total fees

$463

About this lender

Visit lender's website

Pros

Among the best when it comes to online convenience.
Offers a full selection of mortgage types and products, including jumbo, home equity, and government loans.
Claims to offer preapproval within 24 hours of loan application.

Cons

You'll have to complete a loan application to see mortgage interest rates.
Bank branch locations limited to the Midwest.
Does not offer home equity lines of credit.

EXPLORE QUOTE

New American Funding: NMLS#6606

Great for first-time home buyers | customer service

Conventional 30-year fixed

4.0

NerdWallet rating

APR

7.56%

Interest rate

7.49%

Mo. payment

$1,677

Insurance $0

Total fees

$1,629

About this lender

Visit lender's website | Call (888) 978-8131

Pros

Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities.
Its home equity line of credit can be used for an owner-occupied or second home.
Has a program to enable buyers to make cash offers.
Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

Cons

Mortgage origination fees tend to be on the high end.
Personalized mortgage rates are not available on the website without providing contact information.

EXPLORE QUOTE

NBKC: NMLS#409631

Great for first-time home buyers | digital convenience | customer service

Conventional 30-year fixed

4.5

NerdWallet rating

APR

7.578%

Interest rate

7.5%

Mo. payment

$1,679

Insurance $0

Total fees

$1,818

About this lender

Visit lender's website | Call (888) 871-2381

Pros

Offers government-backed loans and some harder-to-find products, such as construction loans and specialty mortgages for pilots.
Offers low rates and fees compared with other lenders, according to the latest federal data.
Displays customized rates, with fee estimates, without requiring contact information.

Cons

HELOCs and construction-to-permanent loans are available only in the Kansas City metro area.

EXPLORE QUOTE

on Bethpage Federal Credit Union

Bethpage Federal Credit Union: NMLS#449104Conventional 30-year fixed

4.0

NerdWallet rating

APR

8.067%

Interest rate

Mo. payment

$1,762

Insurance $0

Total fees

$1,520

About this lender

Visit lender's website

Pros

Has a fully online mortgage application and a highly rated mobile app.
Offers financing for co-ops, a type of home that’s common on the East Coast.
Interest rates are on the low side, according to the latest federal data.

Cons

In-person service available only on Long Island, New York.
Doesn’t offer renovation, construction-to-permanent or USDA loans.
Customized rates not available online.

About These Rates: The lenders whose rates appear on this table are NerdWallet’s advertising partners. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a lender’s site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.

Trends and Insights

Mortgage rate trends (APR)

NerdWallet’s mortgage rate insight

7.262%

30-year fixed-rate

“

On Saturday, April 27, 2024, the average APR on a 30-year fixed-rate mortgage fell 8 basis points to 7.262%. The average APR on a 15-year fixed-rate mortgage remained at 6.524% and the average APR for a 5-year adjustable-rate mortgage (ARM) fell 6 basis points to 8.034%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 5 basis points lower than one week ago and 74 basis points higher than one year ago.

A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR.

Current mortgage and refinance rates

Accurate as of 04/27/2024

Product	Interest Rate	APR
30-year fixed-rate	7.177%	7.262%
20-year fixed-rate	7.056%	7.159%
15-year fixed-rate	6.379%	6.524%
10-year fixed-rate	6.176%	6.363%
7-year ARM	7.550%	8.008%
5-year ARM	7.389%	8.034%
3-year ARM	8.125%	8.355%
30-year fixed-rate FHA	6.346%	7.122%
30-year fixed-rate VA	6.250%	6.556%

Best Mortgage Lenders

Lender	NerdWallet Rating	Min. credit score	Min. down payment	Learn more
NBKC: NMLS#409631 Learn more at NBKC at NBKC	5.0 /5 FHA loans Best for FHA and VA loans	620	3.5%	Learn more at NBKC at NBKC
Guaranteed Rate: NMLS#2611 Learn more at Guaranteed Rate at Guaranteed Rate	5.0 /5 Home loans overall Best for first-time home buyers, jumbo loans and HELOCs	620	3%	Learn more at Guaranteed Rate at Guaranteed Rate
Alliant: NMLS#197185 Read review	5.0 /5 Jumbo loans Best for jumbo loans	620	5%	Read review
Andrews Federal Credit Union: NMLS#410421 Read review	5.0 /5 Home loans overall Best for first-time home buyers	620	3%	Read review
PNC: NMLS#446303 Read review	5.0 /5 Home loans overall Best for first-time buyers, FHA and jumbo loans, HELOCs	620	3%	Read review

A Beginner’s Guide to Conventional Mortgages

Last updated on May 2, 2022

How to shop for current conventional mortgage rates

NerdWallet’s mortgage rate tool provides you with real-time conventional-mortgage interest rates, based on just a small bit of information you provide. In the “Refine results” section, enter a few financial details about yourself and the property you want to buy. In moments, you’ll get a customized rate quote, without providing any personal information. From there, you can start the process of getting preapproved for your conventional mortgage. It’s that easy.

What is a conventional mortgage and who is eligible?

Conventional mortgages are loans that are not sponsored by the federal government — such as the government-backed loans administered by the FHA, VA and USDA. Conventional loans conform to standards set by Fannie Mae and Freddie Mac. Though they may sound like government agencies, Fannie and Freddie are actually private companies that buy mortgages, authorized as government-sponsored enterprises. In general, conventional loans are mortgages made to typical, creditworthy borrowers, whereas, government-backed loans are designed to help buyers with lower income or credit scores, military-connected borrowers and residents in rural communities.

When should you consider a conventional mortgage?

Today’s conventional mortgages offer down payments as low as 3%. If you put down less than 20%, however, lenders will typically require you to pay for mortgage insurance, which increases your monthly payment. Conventional loan mortgage rates vary depending on your personal financial situation as well as the term you choose, such as 10, 15, 20 or 30 years. It’s fairly easy to shop conventional mortgage rates because many lenders offer conventional loans; government-backed mortgages can sometimes be harder to find.