A 30-year fixed-rate home loan is a mortgage that will be completely paid off in 30 years if the homeowner makes all the payments as scheduled. With a fixed-rate loan, the interest rate remains the same for the entire span of the mortgage.

Today's Mortgage Rates

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A more affordable payment When you compare the monthly payment on a 30-year fixed-rate mortgage loan to a shorter term mortgage, like a 15-year term mortgage, the payments are often smaller and more affordable. The fixed-rate means your interest rate won't change throughout the life of your loan.

Mortgage payment formula number of payments over the loan's lifetime Multiply the number of years in your loan term by 12 (the number of months in a year) to get the number of payments for your loan. For example, a 30-year fixed mortgage would have 360 payments (30x12=360).

The 30-year fixed-rate mortgage remains a popular one. As its name suggests, this mortgage loan has a term that lasts for 30 years, meaning that you have 3 decades to pay it back through regular monthly payments. It also has a fixed interest rate – your loan's rate on its first day will be the same as on its last.

Today's national 30-year mortgage interest rate trends On Monday, October 09, 2023, the current average interest rate for a 30-year fixed mortgage is 7.93%, increasing 19 basis points over the last seven days.

Current 30-year mortgage rates

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30-year mortgage pros and cons

A 30-year fixed-rate mortgage is the most common mortgage loan option. It has a repayment period of 30 years and the interest rate doesn't change throughout the life of the loan.

For example, a 30-year fixed mortgage would have 360 payments (30x12=360). This formula can help you crunch the numbers to see how much house you can afford.

A fixed-rate mortgage is a home loan with a fixed interest rate for the entire term of the loan. Once locked in, the interest rate does not fluctuate with market conditions. Borrowers who want predictability and/or who tend to hold property for the long term tend to prefer fixed-rate mortgages.

Advantages of a 30-Year Mortgage Enjoy lower, more affordable monthly payments. Free-up cash for savings, retirement, and other needs and expenses. Still qualify for higher loan amounts. Pay extra each month (when possible) towards the principle balance thus reducing the effective term of the loan.

What were the lowest mortgage rates in history? The lowest recorded rate for a 30-year fixed-rate mortgage was 2.65% in January 2021,This was likely due to the effects of COVID-19.