The rate is fixed for the full term. Your principal and interest never change, which makes long-term budgeting far easier.
30-YEAR FIXED MORTGAGE
30-Year Fixed Rate Mortgage
Lock in your rate and payment for the life of the loan, with the lowest required monthly payment of any fixed-rate option. The right choice when cash-flow flexibility matters. Available across our seven licensed states.
Independent Brokerage, Many Lenders
Licensed in 7 States
NMLS #2367229
Decades of Combined Experience
FIXED-RATE MORTGAGE
What Is a 30-Year Fixed Mortgage?
A 30-year fixed mortgage is a home loan repaid over 30 years at an interest rate that never changes. It is the most widely used mortgage in the country, and roughly three out of four buyers choose it.
The appeal is simple. Your rate is locked on day one, so the principal and interest portion of your payment on year twenty-nine is the same as it was on year one. Rates can climb, inflation can run, and your mortgage payment holds still.
The trade is total interest. Thirty years of payments costs more than fifteen, sometimes dramatically more. Whether that trade is worth it depends on what else you would do with the difference each month.
Learn more about what to expect when you buy a home and explore your mortgage options.
Payment Stability
The Lowest Required Payment of Any Fixed Term
Spreading repayment over 30 years produces a lower required payment than a 15-year or 20-year fixed at the same loan amount.
Room in the Budget
A lower required payment frees up cash for retirement contributions, emergency reserves, home repairs, or simply breathing room.
30-YEAR VS 15-YEAR
How Does a 30-Year Compare to a 15-Year?
This is the question most buyers are really asking, so here is the honest comparison without the sales pitch.
A 15-year fixed typically carries a lower interest rate than a comparable 30-year, and because the balance is repaid in half the time, it costs substantially less in total interest. The trade is a meaningfully higher monthly payment.
That is the whole decision. If the higher payment fits comfortably and you plan to keep the home long term, the 15-year is one of the most effective wealth-building tools in a mortgage. If it would strain your budget or crowd out retirement savings, the 30-year is the sensible choice, and there is nothing second-rate about it.
| Item | 30-Year Fixed | 15-Year Fixed |
|---|---|---|
| Monthly payment | Lower | Meaningfully higher |
| Interest rate | Typically higher than a comparable 15-year | Typically lower than a comparable 30-year |
| Total interest paid | Higher | Substantially lower |
| Equity build | Slower | Faster |
| Best fit | Cash-flow flexibility, or when a higher payment would strain the budget | When the budget comfortably supports a higher payment |
Every borrower’s numbers are different. Use the calculator to model your own scenario, or talk with us and we will run both side by side with real pricing for your file.
A STRATEGY WORTH KNOWING
You Can Take a 30-Year and Pay It Like a 15-Year
How It Works
Here is something most buyers are never told: a 30-year fixed with extra principal payments gives you much of the benefit of a shorter term while keeping an escape hatch.
The Flexibility
If you take the 30-year and voluntarily pay what a 15-year would have cost each month, you retire the loan years earlier than the schedule requires. You will still pay somewhat more interest than a true 15-year, because your rate is higher. But in a month when the furnace dies or income drops, you can fall back to the required payment. A true 15-year gives you no such option.
Confirm your loan has no prepayment penalty, which most do not, and this strategy is available to you from day one.
WHAT CHANGES, WHAT DOES NOT
Is the Whole Payment Really Fixed?
Not quite, and this surprises people at their first escrow analysis.
Fixed for 30 Years
Your interest rate, and your principal and interest payment.
Not Fixed
Property taxes, homeowners insurance, and any HOA dues. Those are collected through escrow and adjust as your tax assessment and insurance premiums change, which means your total monthly payment can move even though your mortgage rate never does.
Removable
Mortgage insurance, if you have it. On a conventional loan, it can typically be removed once you build enough equity, which lowers your payment without refinancing.
We walk through your full payment, not just principal and interest, so the number you plan around is the number you actually pay.
YOUR RATE
What Determines the Rate You Are Offered?
Advertised rates assume an ideal borrower. Yours is built from your specific file:
Credit Profile
The single biggest lever. Higher scores generally price better.
Down Payment or Equity
More skin in the game usually means a better rate.
Occupancy
Primary residences price better than second homes and investment properties.
Loan Program
Conventional, FHA, VA, and USDA all price differently and all offer 30-year fixed terms.
Points and Credits
May be used for primary residences, second homes, and investment properties. Eligibility rules apply.
This is exactly why comparing lenders matters. The same borrower, on the same day, gets different answers from different lenders.
THE BROKER ADVANTAGE
One Broker. Many 30-Year Fixed Options.
A bank can only offer what that bank sells. If their 30-year pricing is uncompetitive this week, you will never hear about it, because they have no reason to tell you.
We are independent. We compare 30-year fixed pricing across our lender network and show you the rate, fees, credits, and cash to close side by side. Because brokers access wholesale pricing, those options often beat what the same borrower would be quoted at a retail branch.
If a 15-year or an adjustable-rate loan fits you better, we will tell you that too.
30-YEAR FIXED FAQs
Answers Before You Choose a 30-Year Fixed
What is a 30-year fixed mortgage?
A home loan repaid over 30 years at an interest rate that never changes. The principal and interest portion of your payment stays the same for the entire term, which is why it is the most widely used mortgage in the country.
How much lower is the payment than a 15-year?
A 15-year fixed costs substantially less in total interest than a comparable 30-year, because the balance is repaid in half the time. The trade is a meaningfully higher monthly payment. Use our calculator to model your own scenario.
Why is the 30-year rate higher than the 15-year rate?
A 15-year fixed typically prices below a comparable 30-year, because the lender’s capital is at risk for less time. The size of that gap moves with the market and differs between lenders on the same day, which is exactly why comparing matters.
Can I pay off a 30-year mortgage early?
Yes, in almost all cases. Most conventional mortgages have no prepayment penalty, so you can pay extra toward principal any time. Paying what a 15-year would have cost each month on a 30-year loan retires it years earlier than the schedule requires, while keeping the lower required payment as a safety net.
Is a 30-year fixed good for first-time buyers?
It often is. The lower required payment makes qualifying easier and leaves room in the budget for the costs that come with a first home. Many first-time buyers also pair it with down payment assistance or an FHA loan.
Does my monthly payment ever change on a fixed-rate loan?
Your principal and interest never change. Your total payment can, because property taxes, homeowners insurance, and HOA dues adjust over time and are usually collected through escrow. Mortgage insurance, if you have it, can often be removed once you have enough equity.
What credit score do I need for a 30-year fixed?
Conventional loans generally start around 620, and FHA can work lower depending on the lender and the rest of your file. Credit affects the rate you are offered as much as whether you qualify, which is one reason comparing lenders matters.
Can FHA, VA, USDA, and jumbo loans be 30-year fixed?
Yes. Conventional, FHA, VA, USDA, and jumbo programs all offer 30-year fixed terms. The 30-year fixed is the term structure; the program is a separate choice, and they combine.
Can I refinance into a 30-year fixed?
Yes, if you qualify. Homeowners commonly refinance into a 30-year fixed to lower a required payment, move out of an adjustable-rate loan, or restructure after a change in income. Worth knowing: restarting a 30-year clock partway through an existing mortgage can raise your total interest even at a lower rate, so we run the break-even before recommending it.
Should I pay points to lower my rate?
It depends on how long you keep the loan. Points cost money up front to buy a lower rate, and they pay off only if you hold the mortgage past the break-even point. We show you the math both ways rather than assuming.
What is the conforming loan limit?
$832,750 in most markets. Loans above that amount are considered jumbo and follow different guidelines and pricing.
What states does Mortgage Marketplace serve?
We are licensed in Oregon, California, Washington, Idaho, Texas, Florida, and Montana, with offices in Salem and Eugene, Oregon.
Ready to Compare 30-Year Fixed Options?
Tell us your scenario and we will compare 30-year fixed pricing across our lender network, then walk you through the rate, fees, and payment so you can decide with real numbers in front of you. If a different term fits you better, we will say so. No obligation.