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What are 30-Year Mortgage Rates?

Homebuying 3 min read

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If you are thinking about buying a home, you may be asking the question, “What are 30-year mortgage rates?”

There are many ways to figure out the current average 30-year mortgage rates, but the best way to find out about rates near you is to ask a local mortgage lender, like First Bank.

Get Competitive 30-Year Mortgage Rates at First Bank

First Bank offers a variety of home loans with competitive mortgage rates, including a 30-year, fixed-rate conventional loan. 30-year fixed-rate mortgages are some of the most popular mortgages, as they provide homeowners with a fixed interest rate and lower monthly payments.

Benefits and features of First Bank’s 30-Year Mortgage include:

  • Your interest rate and monthly principal and interest (P&I) payments remain the same for the life of your loan
  • Predictable monthly P&I payments allow you to budget more easily
  • Protection from rising interest rates for the life of the loan
  • May be a good choice if you plan to stay in your home for a long time

Tips for Paying Off Your 30-Year Mortgage

A 30-year mortgage does not have to be a 30-year commitment. Plenty of people pay off their mortgages early and you can too. Money Smart Guides provides some great tips for how to do it.

  • Use tax refunds. If you get a sizable tax refund each spring, put it toward your mortgage. This could be the equivalent of making six months worth of mortgage payments at once.
  • Pay extra early. The early payments of a mortgage go mostly to interest while the later stages involve more principal. Paying hundreds extra now can save you thousands later.
  • Pretend to refinance. In other words, calculate how much it would require you to pay each month to pay off your 30-year mortgage in 15 years or 20 years and commit to it.
  • Round up payments. Bump up your monthly payments to the nearest round number. You won’t notice the missing money now but you will when it shaves years off your mortgage.

Note: some lenders penalize homeowners for prepaying their loan. Before you prepay your loan, it is best to research prepayment penalties in your state.

Find a Good Place to Start

What good are 30-year mortgage rates if you don’t find a good lender? A bank such as First Bank can provide the foundation for expediting the process of paying off a 30-year mortgage. With a number of different mortgage loan options to choose from as well as helpful resources for first-time and experienced home buyers, First Bank can help you reach your goal.*

*Loans subject to credit approval.

———-

Sources:

Money Smart Guides: http://www.moneysmartguides.com/little-known-ways-to-pay-off-your-mortgage-fast

Bank Rate: http://www.bankrate.com/finance/mortgages/current-interest-rates.aspx

 

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