30 Years fixed

What is it?

A fixed-rate mortgage has an interest rate that doesn’t change over the full term of the loan, which, for a 30-year mortgage (as the name suggests) is 30 years. It’s a popular choice for many people because of its stable monthly principal and interest payments ideal for predictable monthly household budgets, at a more affordable cost than shorter-term loans.

What You’ll Need


A minimum 3% down payment. (You’ll have to pay primary mortgage insurance (PMI) if your down payment is less than 20%.


A minimum FICO® Score of 620.


A debt-to-income ratio (DTI) of no more than 50%. Estimate your DTI by adding your monthly debt payments (such as credit card and car payments) and dividing thetotal by your monthly income before taxes.


Money to cover closing costs, which are about 2% – 6% of the purchase price.

Historical 30-Year Rates.

If you look at a 30-year mortgage rate chart, there’s a trend you can’t miss. Today’s rates are low! Really low! But remember, these are just averages. Your mortgage rate might be higher or lower based on your circumstances and the current market conditions.