The most popular mortgage choice
The predictability of a 30 year fixed rate mortgage
A 30 year fixed rate mortgage gives you stability. Your interest rate stays the same for the entire life of the loan, which means your principal and interest payment never changes. This predictability makes budgeting easier and protects you from market fluctuations. Over three decades, you build equity in your home while knowing exactly what your payment will be, month after month, year after year.
Why borrowers choose 30 year mortgages
This loan term offers a balance between affordability and long term value. Here's what makes it work for homeowners.
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Lower monthly payments
Spreading your loan over 30 years means your monthly payment is smaller than it would be with a shorter term. This gives you breathing room in your monthly budget and makes homeownership more accessible.
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Rate stability
Your interest rate is locked in from day one and never changes. You're protected from rising rates, and you always know what to expect. There are no surprises in your principal and interest payment.
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Flexibility to pay faster
While you're not required to pay extra, many borrowers make additional principal payments when they can. This flexibility lets you build equity faster without committing to higher monthly payments.
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See what rates look like today
Rates change daily based on market conditions. The rates below are current as of today and are for informational purposes. Your actual rate depends on your credit profile, loan amount, down payment, and other factors. When you apply, we'll provide you with a detailed rate quote.
Rates as of
| Loan type | Rate | APR |
|---|---|---|
| 30 year fixed rate Fixed rate for the full 30 year term | 6.500% | 6.625% |
| Jumbo 30 year fixed For loans exceeding conforming limits | 5.750% | 5.900% |
| 30 year fixed with points Lower rate available with upfront costs | 6.250% | 7.125% |
APR calculations assume no points or credits. Your actual APR may vary based on loan purpose, property type, occupancy, credit profile, and other underwriting factors. Shown rates do not include property taxes, homeowners insurance, or PMI, which will affect your actual monthly payment.
These rates are estimates and subject to change without notice. When you apply, you will receive a Loan Estimate that shows your specific rate, terms, and closing costs. Rate locks are available for a specified period. Contact us for details about rate lock options and terms. Rates may vary based on borrower qualifications and loan characteristics.
Questions about 30 year mortgages
Get answers to common questions about this loan type and what to expect throughout the process.
What is the difference between a 30 year and 15 year mortgage
The main difference is the loan term. With a 30 year mortgage, you have 30 years to repay the loan, resulting in smaller monthly payments. A 15 year mortgage has the same amount borrowed but compressed into 15 years, making monthly payments higher. However, you pay significantly less interest overall with a 15 year loan because you're paying it back faster. The right choice depends on whether you prioritize lower monthly payments or paying less total interest.
Can I pay off my 30 year mortgage early
Yes, you can make extra principal payments at any time to pay off your mortgage faster. Many borrowers do this when they receive bonuses, tax refunds, or have extra income. Paying extra principal reduces the amount of interest you pay over time and can help you own your home free and clear sooner. There are typically no penalties for paying early on fixed rate mortgages.
How much interest will I pay over 30 years
The total interest depends on your loan amount and interest rate. Use our mortgage calculator to see how much interest you'll pay based on your specific numbers. A higher interest rate or larger loan amount means more interest paid overall. This is one reason why paying extra principal when possible can make a real difference in your total interest cost.