Fixed Rate Home Loans

For fixed rate home loans

A fixed-rate mortgage offers a straightforward, predictable monthly payment. With fixed-rate mortgages, your interest rate—and your total monthly payment of and —will stay the same for the entire of the loan. That predictability makes it easier to set your budget.

Advantages of a fixed-rate mortgage

Fixed-rate mortgages are a good choice if you:

  • Think interest rates could rise in the next few years and want to keep the current rate
  • Plan to stay in your home for many years

How term affects interest and equity

In general, the longer the term of the fixed-rate mortgage is the more interest you will pay over the life of the loan and the higher your interest rate will be, but your monthly payments will tend to be lower. The shorter the repayment term is, the lower the interest rate will be and the faster you’ll pay off and build in your home, though your monthly payments will generally be higher.

Fixed-rate mortgage loans are available in a variety of repayment terms, with 30-, 20- and 15-year fixed-rate mortgages being the most popular.

30-year fixed-rate mortgage

The 30-year fixed-rate mortgage is one of the most popular mortgages. Many people like the fixed interest rate and lower monthly payments. But since the term of the loan is long, you’ll pay more interest over the life of the loan than you would on a shorter-term mortgage, and you’ll build equity more slowly.

20-year fixed-rate mortgage

A 20-year fixed-rate mortgage helps you pay off your home faster and build equity more quickly than longer-term fixed-rate mortgages. A 20-year fixed-rate mortgage generally has a lower interest rate than longer-term home loans but higher monthly payments.

15-year fixed-rate mortgage

You generally pay a lower interest rate with a 15-year fixed-rate mortgage than you would for longer-term fixed-rate mortgage loans. You will pay less interest than you would with a longer-term loan and build equity more quickly. However, your monthly payments will be higher for a 15-year fixed-rate mortgage than they would be on a longer-term mortgage.

All-time low for mortgage rates

2012-11-21 14:04:33 by jonlansner

From Freddie Mac’s weekly survey, and for the second week in a row, we have new all-time record lows on the 30-year and 15-year fixed rate home loans. The average 30-year fixed rate dropped to 3.31 and .7 point from last week’s 3.34 percent and .7 point. The 15-year fixed landed at 2.63 percent and .7 point, down from last week’s 2.65 percent. The 5-year ARM remained the same from last week at 2.74 percent and .6 point.
BOTTOM LINE: In the past year—assuming a well-qualified borrower received the average 30-year conforming fixed rate on $417,000; the savings would be $157 on his new monthly payment of $1,828 compared to one year ago when rates averaged 3

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Home Loan Hints - Fixed Rates
Home Loan Hints - Fixed Rates
CommBank cuts fixed home loan rates
CommBank cuts fixed home loan rates

Fixed rate loans in high demand  —
Borrowers can research and compare the best low fixed rate home loans but would also be wise to consider the benefits of partially-fixing their home loan, rather than committing the whole lot, just in case rates do have lower to go.

Mortgage Home Loan Rates at Chase Bank (December 6, 2013)  — USFinancePost
The 15 year refinancing fixed rate home loans are available for those who are ready to bear an interest charge of 3.625% and deal with an annual percentage rate of 3.789%.

Barnes & Noble Books The Mortgage Payment Handbook: Monthly Payment Tables and Yearly Amortization Schedules for Fixed-Ra
Book (Barnes & Noble Books)

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  • Avatar JohnPau2010 Do we get a good deal if we apply for a home loan in a bank where I have account ?
    Apr 03, 2009 by JohnPau2010 | Posted in Renting & Real Estate

    I am have been maintaining a bank account in Citibank from past 8 years with good record. My fico is also excellent. 1) If I apply for home loan in the same Citibank, will I be getting any good deal and interest rate ? 2)Or can I get good deal from somewhere else also ? 3) Is it good to deal with a mortgage broker ?

    • Some banks offer point discounts to existing customers in good standing. That doesn t mean that they will give you the best rate. You only need a broker if you don t feel like shopping for a mortgage yourself. I would get at least three quotes. Shop them close togetherrates are very low right nowand it won t affect your credit score. Call your local banks or credit unions and consider larger national chains as well. I don t know where you live, but we bought a new house and got a discount for going with their lender and they paid our closing costs. It wouldn t hurt to check new construction bc …