30 year fixed mortgage rates in the US

Many people prefer to pay off their mortgages as soon as possible, but a 30 year fixed mortgage rates is the way to go. The main reason is the inflation. By the end of 30 years, your current money will have way less purchasing power than it has now. Meanwhile, the inflation rate in the US is around 2%.

Also, if you opt for a 30 yr fixed mortgage rates, then you will have more cash flow due to the low monthly expenses/payments, which can be utilized in some other investment properties or business.

House with a 30 year fixed mortgage rate
House with a 30 year fixed mortgage rate

Depending on your state, it is usually recommended to pay 20% down to avoid paying the PMI. If you cannot afford to pay that down payment, there are also some 3% or so down payment mortgage options.

Your best bet to find a low or best 30 year fixed mortgage rates will be to apply for a mortgage pre-approval at your local credit union where you have already built a long term banking relationship with. Second best option will be to look after an online lenders such as Quicken Loans, rather than the big banks.

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