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

What are 30-Year Mortgage Rates?

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

 

Trending Topics

Banks in Florence, SC

If you’re looking for banks in Florence, SC, there are plenty of options to choose from. You can count on First Bank for all your banking and financial needs. We have two convenient Florence...

Mastercard Bank

First Bank offers Mastercard debit and credit cards for individuals and businesses who want to get the most out of their card. With a Mastercard credit or debit from First Bank, you’ll enjoy all of the benefits...

Best Local Bank in North Carolina

For a local bank in North Carolina that puts your financial goals first, check out your neighborhood First Bank. Named one of the Best Banks in North Carolina by Forbes, we’re small enough to know you like a...

Finding the Best Personal Loans in Asheville, NC

Personal loans can help you pay for home improvements, weddings, medical bills, and many other large expenses. Consolidating debt is another reason to seek a loan. If you’re in need of money—for any...

5 Financial Tips for Your 30s

Your thirties are a great time to get a handle on your finances and start investing in your future.

Best Small Business Bank in Asheville, NC

Between managing a payroll, paying utility bills, budgeting overhead costs, and balancing your revenue and expenses, running a small business brings big financial responsibilities. First Bank¹ can help small...

The Best Personal Banking Services for You

Finding the best personal banking services for your financial needs doesn’t need to be difficult. The factors that go into evaluating available options can include convenience, fees, and interest rates. It’s...

Best Small Business Bank – North Carolina

If you’re looking for the best small business bank in North Carolina, the search ends with First Bank. First Bank’s doors first opened in 1935 to serve farmers and local businesses when the small town of Troy,...

Loan for New Roof – Aberdeen, NC

North Carolina experiences all kinds of weather throughout the year. What you may not know is that a lot of extreme North Carolina weather happens in and around the 6.2 square miles that make up the city of Aberdeen....

First Bank One Rewards Program: Learn More

There are a lot of advantages to being a First Bank debit or credit card holder, but the First Bank One Rewards Program is the most beneficial to you. By simply using your First Bank Debit, Platinum or World...