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 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?

30-year mortgage interest rates vary depending on a variety factors, including:

  • Economic factors. 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, homebuyers 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:

Washington Post: http://www.washingtonpost.com/blogs/where-we-live/wp/2015/04/23/mortgage-rates-hovering-at-all-time-lows/

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

Save Money with This Refinance Calculator for Home Mortgages

When mortgage interest rates are low, homeowners should compare their current mortgage terms with the option of refinancing. By locking in the right rate, homeowners can take advantage of significant…

Calculate Your Monthly Mortgage Loan Payment (with Taxes and Insurance)

A mortgage loan calculator with taxes and insurance can help prospective homeowners prepare for the financial responsibility of owning a home. Purchasing a home may be one of the biggest…

30-Year Mortgage Rate Forecast Tips

A great way to lock in the best mortgage interest rate is to shop around. By learning how to read a 30-year mortgage rate forecast, homeowners can pinpoint an ideal…

Home Mortgage Calculator from First Bank

A home mortgage calculator can help you determine your monthly mortgage payments. This will help you financially prepare for that future purchase, whether you are a first-time homebuyer or seeking…

3 Major Factors of a Small Business Credit Card Comparison

Conducting a small business credit card comparison can be a useful tool when looking for resources that can help your company. But there are many credit card options available to…

Conventional Mortgage Loans

Applying for a home loan can be a strenuous process, especially if you’re unsure which type of loan is the best fit for your financial situation. Before you apply, it…

Construction Loans 101: Adjustable Rates

If you’re considering building a home, one of the more pressing concerns is the rate you’ll receive for a construction loan. For residents of the Carolinas and Virginia, First Bank*…

Credit Card Processing for Businesses

If you are a business owner, you probably know that accepting multiple forms of payment (cash, debit, credit, and checks) is important. But you may not know just how essential…

Your Community Bank

If you live in North Carolina or South Carolina, you have a ton of banking options right outside your door. Large financial institutions may seem like your best option…

Anderson Creek

Anderson Creek is an unincorporated community located just north of Spring Lake and Fort Bragg, North Carolina. Individuals and families that move to Anderson Creek will enjoy a world class golf…