Today’s 20-year fixed mortgage rates

The main advantages of a 20-year fixed mortgage versus other mortgage options are:

• Stability – You’ll be able to lock in the interest rate on your mortgage for the entire 20-year term. This gives you a degree of predictability you won’t have with an adjustable-rate mortgage (ARM).
• Lower interest rate – Interest rates on 20-year loans are usually lower than on 30-year loans
• Less time before you own your home – Compared to the more common 30-year loan, you’ll shave 10 years off the time it takes to pay off your mortgage and own your home outright
• Lower total cost of borrowing – Between a lower interest rate and a shorter term, you'll reduce the total interest you pay over the life of the loan

A fixed-rate mortgage gives you predictability regardless of term. A 20-year fixed mortgage may be a good option for you if:

• You find the monthly payment on a 30-year mortgage low but the monthly payment on a 15-year mortgage too high. Visit our fixed-loan calculator to estimate your 20-year fixed mortgage monthly payment.
• You have at least 3 months of savings set aside for emergencies
• You have paid off all higher-interest debt
• You have maximized contributions to all tax-advantaged accounts

U.S. Bank offers a variety of loan terms and options. Our loan officers are dedicated to helping you choose the option that’s best for you.

Consider refinancing to a 20-year fixed mortgage:

• If doing so will reduce the rate on your loan by 1% or more
• If you currently have an adjustable-rate mortgage and are looking for the security of a fixed rate
• If you want to be debt-free within 20 years
• If you can afford the higher monthly payment in exchange for a lower total cost of borrowing
• If you want to tap into your home equity without a home equity loan or line of credit