Thinking of buying a home or refinancing your current mortgage? Find current mortgage rates below for 30-year fixed conventional and 30-year jumbo mortgages. Rates can change daily so check back regularly to get current rates.
| 3-month trend | 30-year fixed rate | 30-year jumbo |
|---|---|---|
| 12/12/2018 | 4.83% | 4.72% |
| 12/5/2018 | 4.90% | 4.82% |
| 11/28/2018 | 5.01% | 4.90% |
| 11/21/2018 | 5.01% | 4.90% |
| 11/14/2018 | 5.10% | 4.98% |
| 11/6/2018 | 5.10% | 4.97% |
| 10/31/2018 | 5.06% | 4.92% |
| 10/24/2018 | 5.04% | 4.92% |
| 10/17/2018 | 5.01% | 4.93% |
| 10/10/2018 | 5.04% | 4.95% |
| 10/3/2018 | 4.89% | 4.82% |
Learn more about 30-year fixed-rate mortgages
What is a 30-year fixed-rate mortgage?
A 30-year fixed-rate mortgage is a home loan that has a fixed interest rate for a term of 30 years and a stable monthly principal and interest payment. With a fixed-rate mortgage, your monthly payment won’t change (outside of property taxes, homeowners insurance premiums or homeowners association fees).
What are the advantages of a 30-year fixed-rate mortgage?
With a 30-year fixed-rate mortgage, you’ll have the same monthly principal and interest payment throughout the life of your loan. You’ll never have to worry about your payments spiking when rates increase, which makes it easier to anticipate housing expenses and budget for the long haul. Your monthly payments also will be lower with a 30-year loan than with a shorter-term fixed loan, which may help you buy more house. Borrowers who have tighter budgets tend to favor a 30-year loan because it offers more predictability and a lower monthly payment than a 15-year fixed-rate mortgage.
What are the disadvantages of a 30-year fixed-rate mortgage?
The biggest drawback of a 30-year fixed-rate mortgage is the amount of interest you’ll pay. Mortgage rates tend to be higher for 30-year loans, so you’ll owe considerably more interest to lengthen the repayment period to 30 years compared with a shorter-term fixed-rate loan. Additionally, it will take you longer to own your home and build equity.
For example, with a 15-year fixed-rate mortgage, you’ll slash your repayment time in half and save significantly on interest in the process.
To see your monthly payments and total interest, you can use Bankrate’s 15-year or 30-year fixed mortgage calculator to compare the two loan terms. Remember that the mortgage rate you qualify for varies depending on your down payment amount, credit profile, income and other factors. Learn more about how to get the best mortgage rate.
Here’s a simple calculation for a $200,000 mortgage:
15-year fixed mortgage at 4%
Monthly payment: $1,479
Interest paid over the first five years: $34,881
Total interest: $66,288
30-year fixed mortgage at 4.5%
Monthly payment: $1,013
Interest paid over the first five years: $43,118
Total interest: $164,813
Your monthly payments are $466 lower with a 30-year loan, but you pay an additional $98,525 in interest over the life of the loan compared with a 15-year loan. Don’t forget to factor in property taxes, mortgage insurance (if you put less than 20 percent down), homeowners insurance, HOA fees, utilities and maintenance expenses when setting your monthly housing budget.