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
Find Remodeling Loans in Asheville, NC First Bank offers remodeling loans in Asheville, NC, for homes or businesses to get you started on turning your vision into a reality. Our Asheville loan officers will work with… The Benefits of Checking Accounts with Online Access Out of all the factors that tend to influence our decisions regarding financial management, levels of convenience tend to play a heavier role than others. For that reason, online tools,… 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.… Lowest Mortgage Rates High Point NC Getting the lowest mortgage rate in High Point, North Carolina involves more than just shopping around. First, you need to know how to shop for the best rate. Shopping for… Get Maximum Flexibility With a Small Business Credit Card Many small business owners often find themselves managing their business operations, financials, customer service and more. First Bank wants to lessen your workload with a small business credit card to… What is Required to Open a Business Checking Account? It’s standard for a business to have a business checking account. After all, a business needs to handle cash and pay bills. If you’re just starting a business, or even… Mobile Check Deposits from Anywhere Before mobile phones and tablets, checks had to be cashed in person or by mail. Now, mobile check deposits allows you to deposit your checks from anywhere, so long as… HSA Rules and Regulations You Should Know If you have a high-deductible health insurance plan, a Health Savings Account (HSA) can help you save for future medical expenses. Health Savings Accounts were established by the federal government… 6 Steps to Starting a Small Business in North Carolina First, you had an idea for a small business. Now, you want to set that idea in motion. If you are looking to start a small business in North Carolina,… List of Banks Headquartered in North Carolina The fact that North Carolina is home to a large number of banks might surprise you. Over the years, the Tar Heel state has become a hub for banking, but…