30-Year and 15-Year Fixed Rate

How a Fixed Rate Loan Works

A fixed-rate mortgage is a fully amortizing mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or “float”. As a result, payment amounts and the duration of the loan are fixed and the person who is responsible for paying back the loan benefits from a consistent, single payment and the ability to plan a budget based on this fixed cost.

Watch our short 30-Year Fixed and 15-Year Fixed Explainer Videos:



  • 30-, 20- and 15-year terms are all available with fixed rates
  • Refinance up to 95% of your primary home’s value

Conventional 30-Year Fixed Rate Example: Loan Amount $285,000 with a 7.875% fixed interest rate/8.410% APR for 30 years = $2,426.33 monthly payment. Payment is Principal & Interest. Does not include amounts for taxes and insurance premiums. The actual payment obligation will be greater.

Conventional 15-Year Fixed Rate Example: Loan Amount for $220,560 with a 15-Year Fixed interest rate of 7.0% (7.124% APR), would have a monthly payment of $2,407.46 (includes taxes & insurance).

*The interest rates, annual percentage rates (APRs) and program options are subject to change without notice. Your APR will vary based on your final loan amount and finance charges. Stated rates and terms are intended as examples only. Call 1-800-270-7082 for current rates and terms.