What is 30-year fixed?
The Bankrate.com financial term of the day is: "30-year fixed."
A 30-year fixed mortgage gives you three decades to pay off your house, and there won't be any surprises during that term. The interest rate won't change; it will be the same on the last day as it was on the first day. That's different from an adjustable-rate mortgage, with a rate that can change.
A 30-year fixed mortgage is a long-term home loan with a reliable interest rate.
To shop for the perfect home loan, visit the Mortgage section at Bankrate.com.
See this week's average rates for the 30-year fixed-rate mortgage, 15-year fixed-rate mortgage, 5/1 ARM and 30-year jumbo mortgage in Los Angeles.
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