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Fixed-rate mortgage

Predictable payments for the life of your loan

With a fixed-rate mortgage, you're protected from rising interest rates, no matter what.

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What is a fixed-rate mortgage?

Fixed-rate mortgage basics

  • With a fixed-rate mortgage, your interest rate and monthly payment stays the same for the entire term of the loan.
  • Fixed-rate mortgages are available in conforming or jumbo loan amounts.
  • The 30-year fixed-rate mortgage is the most common loan type, but a 20-year or 15-year term could make sense if you want to pay off your mortgage sooner.

Fixed-rate mortgage benefits

  • You get the comfort of knowing your payments won't increase even if mortgage rates go up.
  • Predictable monthly payments make it easier to set your budget and plan for future expenses.
  • Fixed-rate mortgages require down payments as low as 3%, which makes them a great choice if you are buying a home on a budget.
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Fixed-rate mortgage terms

30-year fixed-rate mortgage

  • Monthly payment is lower than a 20- or 15-year term
  • Interest paid over the full loan term is higher than a 20- or 15-year term
  • May qualify for a larger loan amount

20-year fixed-rate mortgage

  • Monthly payment is higher than a 30-year term, and lower than a 15-year term
  • Interest paid over the full loan term is lower than a 30-year term, and higher than a 15-year term

15-year fixed-rate mortgage

  • Monthly payment is higher than a 20- or 30-year term
  • Interest paid over the full loan term is lower than a 20- or 30-year term

Other mortgage loan types to consider

Adjustable-rate mortgage

Lower introductory rate, which changes periodically in the future

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Jumbo loan

Larger loan amounts for buying or refinancing

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FHA loan

Flexible credit and income guidelines with down payments as low as 3.5%

Learn more

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VA loan

Financing for service members through the Department of Veterans Affairs

Learn more

Learn more

Talk with a home mortgage consultant about loan amount, type of loan, property type, income, first-time homebuyer, and homebuyer education requirements to discuss eligibility. With a low down payment, mortgage insurance will be required, which increases the cost of the loan and will increase your monthly payment
FHA loans have the benefit of a low down payment, but consider all costs involved, including up-front and long-term mortgage insurance and all fees. Ask your home mortgage consultant to help you compare the overall costs of all your home financing options.

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See how much you could qualify to borrow and what your estimated rate and payment would be. It takes just a few minutes and won’t affect your credit score.

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Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.

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