How We Get Paid

We want this to be a “win-win” situation. So we only want to get paid if we bring you value in the form of finding a personal finance option that works for you. Not by selling your data. We are a wholesale broker, meaning we have access to rates our mortgage lenders offer solely to brokers they work with. Generally, our lenders pay us and incorporate the cost of our services as part of the final interest rate on your loan, or in your loan amount. This is common practice in mortgage transactions where you choose for the lender to pay your broker’s fee upfront. If you would prefer to minimize your rate, you may opt to buy "points" to decrease your rate, or pay our broker compensation yourself. Please talk to one of our licensed loan officers to explore your options.

30 year fixed mortgage rates

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Today’s Featured Rates

General Information and Rate Disclosures:

The listings that appear on this page are from companies that pay Credible compensation. This table does not include all companies or all available products. Displayed information is valid as of Oct 21, 2021 and assumes a customer with a 740 credit score borrowing a conventional loan for a single-family, primary residence, at or near zero discount points, and a 80% loan-to-home-value ratio. The IP address of the customer accessing this page has been used to determine which U.S state should be used for pricing. In states where Credible does not have a license to operate, we are providing information about rates available in a nearby state. If you are viewing this page from an IP address in one of the states where Credible is not licensed, the rates displayed above are for consumers located in the neighbouring state shown below:

IP state without license - Assumed location

Nevada - Idaho

New York - New Jersey

Utah - Colorado

Washington - Oregon

Rates, payments, and all information displayed are for informational purposes only and are subject to change without notice. This is not a credit decision or commitment to lend. Mortgage rates and terms you may qualify for depend on your individual financial circumstances.

Payment Disclosures:

All monthly payment amounts above assume on time monthly payments each month for the full duration of the loan term (e.g. 360 monthly payments for a 30 year loan). Displayed monthly payment amounts do not include amounts for property taxes and hazard insurance. Your actual monthly payment obligation will be higher. Amounts for borrower-paid mortgage insurance premiums are included in the monthly payment if (1) the loan amount is below the “conforming thresholds” set by Fannie Mae and Freddie Mac, and (2) the loan-to-home-value ratio is greater than 80%; mortgage insurance premiums are excluded from the monthly payment if either the loan amount is above the conforming thresholds or the loan-to-home-value ratio is less than or equal to 80%. Your actual payment obligation may be higher. “Conforming thresholds” depend on the county where the property is located.

Fees Disclosures:

The fee amounts shown above include estimates of loan costs and closing costs you may pay in connection with a mortgage transaction with the assumptions above. This includes fees the lender charges, including points and underwriting fees, and third party services the lender does not let you shop for such as a flood certification fee. It does not include title charges, recording costs, prepaids, initial escrow deposit, and other fees.

Displayed rates are available through Credible Operations, Inc., NMLS #1681276

Last updated on Oct 21, 2021. These rates are based on the assumptions shown here. Actual rates may vary.

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What is a 30-year fixed-rate mortgage?

A 30-year fixed-rate mortgage has the same interest rate for the duration of the loan. Your mortgage interest rate and monthly payment won’t be impacted even if the market changes. As long as you make on-time payments in full, you’ll make the same payment and pay the same interest rate until the loan is paid off.

PROS

Advantages of a 30-year fixed mortgage

There are three key benefits to 30-year fixed mortgages:

Lower monthly payments:
With 30 years to repay your loan, your monthly payments will be more affordable than they would be with a shorter loan term. The longer loan term can make the cost of homeownership more manageable.
Predictable monthly payments:
Because the mortgage interest rate never changes, your payments never change, either. For the entire 30-year loan term, you’ll know exactly how much you’ll have to pay each month, making it easier to plan and budget. That can be a big relief when compared to adjustable-rate mortgages (ARMs), which can fluctuate a great deal.
Able to get a more expensive house:
A lower payment with a 30-year mortgage could allow you to afford a more expensive home. Just make sure not to borrow more than you can truly afford.

Find Out:

What Is a Mortgage Rate and How Do They Work?

CONS

Disadvantages of a 30-year fixed mortgage

While a 30-year fixed mortgage is popular, there are some drawbacks to keep in mind:

Higher interest rate:
By giving you 30 years to repay your home loan, lenders are taking a larger risk. To offset that risk, lenders usually charge you a higher interest rate on 30-year fixed mortgages compared to loans with shorter terms.
More total paid interest:
Having a 30-year mortgage makes your monthly payments more affordable. However, the longer loan term means more interest will accrue on your loan, causing you to repay far more than you originally borrowed.
More time to build equity:
Because of the lower monthly payment and long loan term, much of your payment will go toward the interest that accrues each month on your mortgage rather than the principal. With a 30-year mortgage, it will take you longer to build equity in your home.

How to shop for a 30-year fixed-rate mortgage

Many banks and online lenders offer 30-year fixed-rate mortgages. With Credible, you can get a streamlined pre-approval for a home loan in as little as three minutes — making getting a mortgage faster and easier. Plus, you can compare lenders and interest rates all at once and finish the entire application process online.

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