Today’s 30-year fixed mortgage rates

The main advantages of a 30-year fixed mortgage are outlined below. An experienced U.S. Bank loan officer can help you learn more.

• Stability – You’ll be able to lock in the interest rate on your mortgage for the entire 30-year term. This gives you a degree of predictability you won’t have with an adjustable-rate mortgage (ARM).
• Smaller monthly payments – With a 30-year fixed, you're able to spread the repayment of your loan over a longer period of time. So, your payment due each month is smaller.
• Qualification for a larger mortgage – With a 30-year fixed, your monthly payment is a smaller percent of your total monthly income. We look at this ratio when determining your qualification for a mortgage. With a lower ratio, you may qualify for a larger mortgage.
• Flexibility – The smaller payment gives you greater financial flexibility. Do you need to pay down higher-cost debt? Do you want to build a bigger safety net? A 30-year fixed mortgage gives you the flexibility to choose. You can make a larger payment anytime without incurring any penalties.

A fixed-rate mortgage gives you predictability regardless of term. So, why choose a 30-year term? It’s a good option for you if you:

• Want to keep your monthly payment low without giving up the stability of a fixed rate
• Wish to get approval for a larger loan
• Plan to stay in your home for the long-term

U.S. Bank offers a variety of loan terms and options. Our loan officers are dedicated to helping you understand and choose the option that’s best for you.

If you're thinking of refinancing to a 30-year fixed, consider the following.

• Will doing so reduce the rate on your loan by 1% or more?
• Do you currently have an adjustable-rate and are looking for the security of a fixed?
• Do you want to tap into your home equity without a home equity loan or line of credit?
• Is the monthly payment on your 15-year or 20-year mortgage too high? Visit our 15- vs. 30-year mortgage calculator to get an estimate of your 30-year fixed mortgage monthly payment.

A U.S. Bank loan officer can help you decide if refinancing to a 30-year fixed mortgage is a good option for you.