5 critical action steps every first-time homebuyer must know
David Bach’s
arrow First-Time Homebuyer Challenge
Get Access Now Learn More

Many companies featured on Money advertise with us. Opinions are our own, but compensation and
in-depth research determine where and how companies may appear. Learn more about how we make money.

Advertiser Disclosure

The purpose of this disclosure is to explain how we make money without charging you for our content.

Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools.

Earning your trust is essential to our success, and we believe transparency is critical to creating that trust. To that end, you should know that many or all of the companies featured here are partners who advertise with us.

Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.

Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.

To find out more about our editorial process and how we make money, click here.

By Leslie Cook
July 30, 2020

Homebuyers are taking advantage of historic low mortgage rates.

Pending home sales were up 16.6% in June for the second consecutive month of increases, according to the Pending Home Sale Index published yesterday by the National Association of Realtors. Contract signings were up 6.3% year-over-year. Average rates have been below 3.3% for twelve weeks in a row.

“It is quite surprising and remarkable that, in the midst of a global pandemic, contract activity for home purchases is higher compared to one year ago,” said Lawrence Yun, NAR’s chief economist. “Consumers are taking advantage of record-low mortgage rates resulting from the Federal Reserve’s maximum liquidity monetary policy.”

The recovery in the housing market has led NAR to revise its market forecast upward, showing existing home sales will decline by only 3% and new home sales increasing by 3% by the end of 2020. Back in April, the 1.4 million member trade association expected home sales to fall by 15%

What are people paying for mortgages right now?

Borrowers with 700 credit scores were charged an average of 3.584% to secure a 30-year fixed-rate purchase mortgage on Wednesday, according to Money’s survey of over 8,000 mortgage lenders across the country. The average rate for a 30-year refinance was 4.37%.

What are experts saying about home prices?

Mike Fratantoni, chief economist for the Mortgage Bankers Association, commented on the Federal Reserve’s statement on monetary policy and the economy following its July meeting Wednesday:

What should house hunters be watching next?

On Friday, the Bureau of Economic Analysis will report consumer spending for June. The release is expected to show solid gains, as the figures won’t reflect the slowdown that began in July as a result of the flare-up of COVID-19 hotspots around the country.

What are today’s advertised rates?

Of course, mortgage rates vary widely by location and personal factors like location, the size of your down payment and your credit score. Here are today’s advertised mortgage rates at some of the mortgage industry’s largest lenders. (All rates are APRs. The rates you see may be different.)

JP Morgan Chase

Based in New York, JP Morgan Chase has nearly 5,000 U.S. branches.

Mortgage rates advertised for July 30:

30-year fixed: 2.959%

15-year-fixed: 2.538%

5-year ARM: 2.664%

(Rates based on New York City zip code 10006.)

Ads by Ad Practitioners

Wells Fargo

Based in San Francisco, Wells Fargo has more than 7,000 locations.

Mortgage rates advertised for July 30:

30-year fixed: 3.103%

15-year-fixed: 2.830%

5-year ARM: 2.828%


Quicken, a non-bank lender based in Detroit, is the nation’s largest mortgage lender by dollar origination volume.

Mortgage rates advertised for July 30:

30-year fixed: 3.119%

15-year-fixed: 2.833%

(Quicken doesn’t advertise a five-year adjustable rate.)

Ads by Ad Practitioners


Bottom Line:

Everything You Need to Know About Mortgage Rates in 2020

Mortgage Rates Are at Record Lows. But What Does It Take to Actually Qualify for a 3% Loan?

Don’t Have 20% for a Down Payment? Here’s How to Buy a Home With Less

You May Like