Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

Current Mortgage Rates 30-Year Fixed

Is now the right time to buy the house you have your heart set on? One important thing to consider is the current mortgage rate trends and whether a 30-year fixed-rate mortgage is a good fit for you. At First Bank, our real-estate loan experts can answer your questions about mortgage rates and more.

Current Mortgage Rates 30-Year Fixed

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.

———

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

Trending Topics

How Much Should a 40-Year-Old Have Saved for Retirement?

Are you 40 years old and concerned about your savings? Just how much should you have saved for your retirement by now? There’s no precise answer to give you, but there are some savings recommendations based on...

Block Out Stress with a Worry-Free Savings Account at First Bank in Sanford, NC

According to research from the American Psychological Association, money is the second-leading cause of stress falling closely behind job pressure. At First Bank, we strive to eliminate money-related stress by offering a...

5 Ways to Get the Lowest Mortgage Rates

If you are looking for some of the lowest mortgage rates in North Carolina or South Carolina, First Bank might be able to help. Choosing a mortgage option can be one of the most confusing aspects of the home purchasing...

Community Banks Near Me

Where can I find banks near me? When it comes to banking, customers want banks nearby that are part of the communities where they live, work and play. First Bank is rooted in a community focus that dates back to the days...

Is It Possible to Get a Mortgage Refinanced with No Closing Costs?

When it comes to refinancing a mortgage, you need to spend money to save money. Closing costs can amount to thousands of dollars, depending on the home loan. This is why the prospect of a mortgage refinance with no closing...

4 Questions to Ask When Searching for the Best Savings Account in Florence, SC

If you’re looking for the best savings account in Florence, SC—look no further than your local First Bank. Florence South Carolina, dubbed an All American City by the National Civic League is home to two great...

Community Bank for Small Business

Since 1935, First Bank has been the go-to community bank for small business owners. Our first branch opened in Troy, NC, where we helped farmers and local business owners manage their funds. We have continued to evolve to...

Get a Hassle-Free Checking Account with First Bank

Figuring out where to get a hassle-free checking account doesn’t have to be hard. First Bank offers five different types of hassle-free checking accounts that don’t have monthly maintenance fees as long as...

Best Savings Account for Kids – Wilmington NC

If you live in Wilmington, NC, and you are looking for the best savings account for your kids, visit your local First Bank. We offer a savings account for kids that comes with all sorts of...

Small Business Loans in Wilmington, NC

Growing a business can be difficult but rewarding. Whether you are looking to build a new building for your business, move into an existing space, or purchase equipment, First Bank has the right small business loans in...