Related: How To Pay Off Your Mortgage Early That can reduce the overall amount of interest you pay over the life of the loan. Also, you always have the option to pay more toward your principal if you’re able to in a particular month or year. A 30-year, fixed-rate mortgage has an interest rate that never changes over the life of the loan.Īllowing borrowers to take 30 years to pay back a loan at a fixed rate makes homeownership much more attainable. What Is a 30-Year Fixed Mortgage?Ī 30-year mortgage is a home loan that lets you repay your lender over 30 years-typically the longest repayment period a lender will allow and the most popular mortgage product. The 52-week high for a 30-year fixed mortgage was 7.27% and the 52-week low was 6.75%.
Today’s average rate on a 30-year fixed mortgage is 7.12% compared to the 7.24% average rate a week earlier.
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