30-Year Fixed Mortgage

Get a fixed interest rate and lower monthly payments.

Who Are 30-Year Fixed Loans Best For?

If you want to make lower monthly payments and plan to stay in your home for a long time, a 30-year fixed could be the ideal option for you.

The 30-year fixed is also great for people who want the option to pay more than the required amount at any time – and the predictability of a fixed interest rate.

How Do 30-Year Fixed Loans Work?

With a 30-year fixed rate loan, you’ll make the same monthly payment over 30 years.

Want to pay the loan off more quickly to save on interest? You can make additional payments against your principal balance at any time without penalty.

How Do I Qualify For A 30-Year Fixed?

  • General minimum 3% – 3.5% down payment
  • Minimum 580 – 620 FICO® Score depending on loan type
  • Debt-to-income ratio (DTI) of no more than 50%
  • 3% – 6% of the purchase price to cover closing costs

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30 Year Fixed Mortgage Rates

Product Rate APR
Conforming 30 Year Fixed 6.25% 6.559%
FHA 30 Year Fixed 5.49% 6.345%
VA 30 Year Fixed 5.5% 6.002%
30-year Fixed-Rate Loan: An interest rate of 6.25% (6.559% APR) is for the cost of 2.00 point(s) ($4,000.00) paid at closing. On a $200,000 mortgage, you would make monthly payments of $1,231.44. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 74.91%.30-year FHA Fixed-Rate Loan: An interest rate of 5.49% (6.345% APR) is for the cost of 2.00 Point(s) ($4,070.00) paid at closing. On a $203,500 mortgage, you would make monthly payments of $1,237.00. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 74.91%. Payment includes a one-time upfront mortgage insurance premium at 1.75% of the base loan amount and a monthly mortgage insurance premium (MIP) calculated at 0.5% of the base loan amount. For mortgages with a loan-to-value (LTV) ratio of 74.91%, the 0.5% monthly MIP will be paid for the first 11 years of the mortgage term. Thereafter, the monthly loan payment will consist of equal monthly principal and interest payments until the end of the loan.30-year Fixed-Rate VA Loan: An interest rate of 5.50% (6.002% APR) is for a cost of 2.00 Point(s) ($4,086.00) paid at closing. On a $204,300 mortgage, you would make monthly payments of $1,160.00. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 76.52%. VA loans do not require PMI. The VA loan is a benefit of military service and only offered to veterans, surviving spouses and active duty military.

30-Year Fixed Loan Benefits

  • Your monthly payments will be less for a 30–year fixed loan than a 15-year fixed loan, even though interest rates for a 15-year fixed loan are generally a little lower. That’s because your payments will be spread out over a longer period.
  • You can pay off your mortgage at any time without prepayment penalties.
  • You may be able to avoid mortgage insurance with a down payment of 20% or higher.
  • Your interest rate is fixed for the life of the loan, so you don’t have to worry about rates rising.
  • You can buy your primary home with as little as 3% down.
  • You can refinance your primary home for up to 97% of its value.

mortgage insurance requirements

Mortgage Insurance Requirements

You’ll have to pay primary mortgage insurance (PMI) with your 30-year fixed rate loan if your down payment is less than 20%.

  • This typically costs between 0.5% and 1% of your loan amount per year, spread over 12 payments.
  • Once you reach 20% equity in your home, you may be able to request to cancel PMI.
  • PMI is often canceled automatically once you reach 22% equity.

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