30-year fixed mortgage rates

The main advantages of a 30-year fixed mortgage are outlined below. An experienced U.S. Bank mortgage 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. This ratio is evaluated 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 mortgage loan officers are dedicated to helping you understand and choose the option that’s best for you.