current 20 year mortgage rates: what matters now

Why a 20-year term stands out

A 20-year loan splits the difference between lower payments on a 30-year and the aggressive payoff of a 15-year. Many borrowers pick it to build equity faster while keeping cash flow manageable, and because total interest over the life of the loan is typically lower than a 30-year.

What moves rates day to day

Rates respond to inflation data, Federal Reserve policy signals, and the yield on mortgage-backed securities. Lender pricing also reflects your credit score, loan-to-value, occupancy, points, and the lock period. Market headlines can shift quotes within hours, so the rate you see in the morning may not hold by afternoon.

How to shop smart for today’s quotes

Focus on the all-in cost, not just the headline number. Ask for a standardized quote with the same lock length and compare rate, APR, and fees side by side.

• Check your credit and debts before applying.
• Request several same-day quotes for the exact scenario.
• Compare points versus break-even time.
• Review lender fees and prepayment terms.
• Consider a float-down or longer lock if closing delays are likely.