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.

Get started

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.

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

Learn more

Jumbo loan

Larger loan amounts for buying or refinancing

Learn more

FHA loan

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

Learn more

VA loan

Financing for service members through the Department of Veterans Affairs

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.

Get a customized rate and payment

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.

Talk to a mortgage consultant

Call us

1-877-510-2079

Mon – Fri: 7 am – 8 pm
Sat: 8 am – 6 pm
Central Time

Marque 9 para recibir atención en español.

Let us contact you

Enter your contact information to have a mortgage consultant call you.

Get a call back

Find a consultant

Use our locator to search for mortgage consultants in your area.

Search locations

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

QSR-02212026-6941593.1.1

LRC-0824