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30-Year Fixed Loans

30-year fixed loans offer a fixed interest rate and lower payments spread over 30 years.

Who 30-Year Fixed Loans Are Best For

People who want lower monthly payments and an interest rate that never changes over the entire life of the loan. Read more about other benefits below.

How 30-Year Fixed Loans Work

You’ll pay off your mortgage in 30 years. Although you’ll pay more interest over the life of the loan compared to a 15-year fixed loan, your monthly payments will be lower.

Because your interest rate is locked for the life of your loan, your principal and interest payments won’t change over the life of your loan. The amount for your taxes and insurance can go up and down.

You may have to pay for mortgage insurance, depending on your down payment amount if you’re buying a home, or how much equity you have if you’re refinancing.

What You’ll Need To Qualify For A 30-Year Fixed Loan

  • A minimum 3% down payment.
  • A minimum FICO® Score of 620.
  • A debt-to-income ratio (DTI) of no more than 50%. Estimate your DTI by adding your monthly debt payments (such as credit card and car payments) and dividing the total by your monthly income before taxes.
  • Money to cover closing costs, which are about 2% – 6% of the purchase price.

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30 Year Fixed Mortgage Rates

Product Rate APR
Conforming 30 Year Fixed 3.125% 3.371%
30-year Fixed-Rate Loan: The payment on a $200,000 30-year Fixed-Rate Loan at 3.125% (3.371% APR) is $856.76 for the cost of 2.00 point(s) due at closing and a loan-to-value (LTV) of 74.91%. One point is equal to one percent of your loan amount. Payment does not include taxes and insurance. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.

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 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

You’ll have to pay primary mortgage insurance (PMI) 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 cancelled automatically once you reach 22% equity.

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Rocket Mortgage by Quicken Loans received the highest score in the J.D. Power 2010 – 2020 (tied in 2017) Primary Mortgage Origination and 2014 – 2020 Primary Mortgage Servicer Studies of customers’ satisfaction with their mortgage sales experience and mortgage servicer company, respectively. Visit jdpower.com/awards.