U.S. Mortgage Index

30-year fixed mortgage

Definition

A 30-year fixed mortgage is a fixed-rate home loan whose stated term is 30 years. The interest rate stays the same for the life of the loan.

In plain English

A 30-year fixed mortgage is the familiar long fixed-rate term. The interest rate in the note does not change, and repayment is scheduled across 30 years. Escrowed taxes and insurance can still move the total amount due each month. This page is about the product term, not a payment forecast.

Technical definition

CFPB names 30 years among typical mortgage terms and defines a fixed-rate mortgage as one whose interest rate does not change during the term.

Why it matters

Most consumer comparisons assume this term. Mixing it with an adjustable-rate product hides the rate-stability idea.

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