What is a 30-Year Fixed Rate Mortgage Rate?

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Definition. A fixed-rate mortgage (FRM) is a type of mortgage characterized by an interest rate which does not change over the life of the loan. A 30-year FRM is simply a fixed rate mortage that last for 30 years. But there are other lengths of time, including 10 and 15 year FRMs.

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A 30-year fixed-rate mortgage is a loan with a 30-year term and a fixed rate. The 30-year term means you’ll pay back the mortgage over 30 years. The fixed rate means the interest rate doesn’t change for the life of the loan. The phrase "30-year fixed" usually refers to a conventional loan, which is a loan that’s not guaranteed or insured by the government.

What Are 30 Year Fixed Mortgage Rates – Visit our site to determine if you need to refinance your mortgage, we will calculate the amount of money a refinancing could save you. If your present mortgage company may offer you a lower interest rate, well and good.

Mortgages 101: Three things you need to know about fixed vs. variable mortgage rates The spread between fixed and variable rates can sometimes narrow, and when it does consumers find it increasingly difficult to gamble on a variable rate. What’s "better" in the end is a combination of your personal tolerance, and the current conditions in the mortgage market.

Let’s also pretend that the interest rate for a 15 year fixed mortgage is 3% and the interest rate for a 30 year fixed mortgage is 5%. For a 15 year, the interest is $6,000 and brings the total amount owed to $206,000. $206,000 divided into 15 years of payments brings the monthly mortgage payment to $1,144.45.

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