30-Year Fixed Mortgage Rates: Today's Best Rates
Current 30-year fixed mortgage rates updated daily. America's most popular mortgage — predictable payments for 30 years with rates from trusted federal data sources.
What Is a 30-Year Fixed-Rate Mortgage?
A 30-year fixed-rate mortgage is America's most popular home loan. Your interest rate and monthly principal-and-interest payment stay the same for the entire 30-year term, giving you complete payment predictability. Today's 30-year fixed rate is 6.33%.
Because payments are spread over 30 years, monthly costs are significantly lower than shorter-term loans — making homeownership accessible to more buyers.
30-Year vs. 15-Year: Side-by-Side
30-Year Fixed
~$2,494/mo payment
~$498K total interest
Lower monthly cost
15-Year Fixed
~$3,280/mo payment
~$190K total interest
Faster payoff
The 30-year mortgage offers roughly $786 lower monthly payments, giving you more breathing room in your budget. The tradeoff is paying more total interest over the life of the loan.
Pros and Cons of a 30-Year Mortgage
Advantages
- Lowest monthly payment of any fixed-rate option
- Easier to qualify — lower DTI ratio
- More financial flexibility each month
- Can invest the payment difference
- Mortgage interest is tax-deductible
Considerations
- Higher interest rate than 15-year loans
- Pay significantly more total interest
- Build equity more slowly
- 30 years until you own outright
- Rate is higher than shorter terms
Who Should Choose a 30-Year Fixed Mortgage?
A 30-year mortgage is ideal for first-time homebuyers who want manageable payments, borrowers who prefer financial flexibility, buyers in high-cost markets where lower payments matter, and anyone who wants to invest the difference between a 15-year and 30-year payment in higher-return investments.
How to Qualify for the Best 30-Year Rate
Lenders offer the lowest rates to borrowers with credit scores of 740+, down payments of 20% or more (avoiding PMI), debt-to-income ratios below 43%, and stable two-year employment history. Comparing quotes from 3-5 lenders can save you 0.25-0.50% on your rate — worth tens of thousands over 30 years.
When Should You Lock Your Rate?
If you're closing within 30-60 days and comfortable with today's rate of 6.33%, locking eliminates the risk of rate increases before closing. Many lenders offer float-down options if rates drop after you lock.