Current Mortgage Rates 30-Year Fixed
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What is a 30-year fixed-rate mortgage?
In the most basic terms, this kind of mortgage provides you with a guarantee that the “interest rate and your monthly payments for principal and interest remain the same for the entire length of the loan.”
- Budget-friendly: Easily manage and plan your monthly budget without worrying about fluctuating interest rates. It also gives you more breathing room in case your current financial situation changes for whatever reason at some point in the future.
- Save now: A 30-year loan means lower monthly payments spread out over a longer period of time, in contrast to the high monthly payments of a shorter-term loan. This means the money you save monthly with a longer-term loan can go into your savings or investment accounts now, instead of putting it towards paying off your mortgage immediately.
- Get flexibility: The beauty of a 30-year mortgage is that even though you have lower monthly payments, you can choose to submit a higher payment equivalent to the monthly rate for a shorter-term loan. This means you can decrease your overall total that much more when you have a bit of extra cash in the bank, but still submit your loan’s lower payment rate when your money is a little tighter.
What determines my interest rate?
Mortgage interest rates vary depending on several factors, including:
- The economy. Mortgage rates can fluctuate in some states due to unemployment rates, default and foreclosure rates and differing property values.
- State laws. States that allow recourse typically have lower mortgage rates.
- Size of competition. When you have multiple lenders competing for your business, loan costs are typically driven down.
- Market conditions. An increase or decrease in home building and sales can drive interest rates up or down.
- Government. Government policies like the Federal Reserve can cause mortgage interest rates to fluctuate.
30-Year Fixed Mortgages from First Bank
With a 30-year fixed-rate mortgage from First Bank, home buyers can enjoy a fixed interest rate and lower monthly payments. Some of the benefits of a First Bank 30-year fixed-rate mortgage include:
- You can better plan your budget with predictable monthly P&I payments
- Protection from rising interest rates for the duration of the loan
- Often a good choice if you plan to stay in your home for a long time
To learn more, locate one of our mortgage specialists using this loan officer finder to set-up an in-office consultation. If none of our loan officers are located near you, fill out our easy-to-use online application. A specialist will contact you directly to address your specific needs.
We’re confident our experts can guide you to discover and apply for a 30-year fixed-rate mortgage option* that addresses your current and future needs.
*Loans subject to credit approval.
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Sources:
BankRate: http://www.bankrate.com/finance/mortgages/basics-of-the-30-year-fixed-rate-mortgage.aspx
AllBusiness: https://www.allbusiness.com/barrons_dictionary/dictionary-principal-and-interest-payment-pi-4956628-1.html
