30 Year Fixed Mortgage Rates
Compare today's current mortgage and refinance 30 year fixed interest rates.
When shopping for a mortgage, most prospective homeowners look to the popular 30-year mortgage term. This product provides a steady interest rate for the life of the loan, enabling homebuyers to budget for the long term, knowing clearly what their payments will be. By financing a mortgage for this length of time, monthly payments are kept relatively low, allowing buyers to save money for other expenses which can arise, both unexpectedly and due to life changes.
Start the process for a 30 year fixed mortgage today
Start the process for either a purchase or refinance 30 year fixed mortgage and have a licensed loan officer contact you for a custom quote today.
What is a 30 year fixed mortgage?
The most common mortgage applied for (and the lowest risk for lenders), a 30-year fixed mortgage is a loan which gives you 30 years to pay off the balance at an interest rate which will not change over the 30-year life of the loan.
How does a 30 year fixed mortgage work?
The classic mortgage loan in the United States, a 30-year fixed mortgage provides a set payment (usually monthly) for the lifetime of the loan—in this situation, for 30 years. The interest rate is locked in at the time you obtain the mortgage, and cannot increase (or decrease), no matter the change in rates offered by lenders later.
Is a 30 year fixed mortgage loan a good idea?
A favorite among new homeowners, a 30-year fixed mortgage offers the lowest regular payments. This allows new physicians to focus a larger amount of income on paying down other debts, like medical school debt. Additionally, should your monthly budget fluctuate due to changing personal needs, you can set aside more money for unexpected expenses. Finally, if you truly expect to stay in your home for a long period of time, this could be an attractive option.
Lock in your 30 year fixed rate today
With a wide variety of financing options a loan officer can help you find and lock in the best 30 year fixed rate for purchasing a home or refinancing your existing mortgage. Contact us to get started today!
30-year fixed mortgage rates change daily and are determined by 5 major driving factors which you can control: Property type and use, loan-to-value ratio, your FICO score, and whether you are purchasing or refinancing the mortgage.
Getting the lowest 30-year fixed jumbo refinance rate depends on 4 main elements: the refinance type (rate/term or cash out), the amount of equity you have in the property, any second mortgages, liens or subordinate financing you already have, and your financial report card.
Jumbo (loan amount >$548,250) 30-year fixed rates are typically higher than conforming loans. This process should also include comparing loan estimates, having a 740+ FICO score, 60% (or less) loan-to-value, and the property being your primary residence.
Conforming (loan amount <$548,250) 30-year fixed rates are typically lower than jumbo loans. This process should also include comparing loan estimates, having a 740+ FICO score, 60% (or less) loan-to-value, and the property being your primary residence.