Current Thirty Year Mortgage Rates Available Locally

Twenty-five year mortgages are common across many countries including the United Kingdom, Australia and Canada, however they are not particularly common across the United States. The above calculator is for fixed-rate mortgages. In many countries 25-year mortgages are structured as adjustable or variable rate loans which reset annually after a 2, 3, 5 or 10 year introductory period with a teaser rate.

The most common home loan term in the US is the 30-year fixed rate mortgage. The following table shows current 30-year mortgage rates available in Cambridge. You can use the menus to select other loan durations, alter the loan amount, or change your location.

What Loans Do Home Buyers Choose?

Across the United States 88% of home buyers finance their purchases with a mortgage. Of those people who finance a purchase, nearly 90% of them opt for a 30-year fixed rate loan. The 15-year fixed-rate mortgage is the second most popular home loan choice among Americans, with 6% of borrowers choosing a 15-year loan term.

Loan Type	Percent of Borrowers Buying a Home	Percent of All Home Buyers
30-year Fixed	90%	79.2%
15-year Fixed	6%	5.28%
Adjustable-rate	2%	1.76%
Other Fixed-Rate Loan Terms	2%	1.76%
Use Any Type of Financing	100%	88%
Paid Cash in Full	N/A	12%

Source: Freddie Mac's 2016 home buyer statistics, published on April 17, 2017

When interest rates are low (as they were after the global recession was followed by many rounds of quantitative easing) home buyers have a strong preference for fixed-rate mortgages. When interest rates rise consumers tend to shift more toward using adjustable-rate mortgages to purchase homes.

The following table shows loan balances on a $200,000 home loan after 5, 10, 15, 20 & 25 years for loans on the same home.

Mortgage Type	25-YR FRM	30-YR FRM
Interest Rate (APR)	3.528%	3.575%
Monthly Principal & Interest	$1,004.25	$906.48
Total Monthly Payment	$1,508.41	$1,410.64
Loan Balance 5 Years	$172,730.47	$179,624.58
Equity Built, 5 Years	$77,269.53 + Appreciation	$70,375.42 + Appreciation
Remaining P & I payments	240	300
Loan Balance 10 Years	$140,208.65	$155,267.83
Equity Built, 10 Years	$109,791.35 + Appreciation	$94,732.17 + Appreciation
Remaining P & I payments	180	240
Loan Balance 15 Years	$101,422.90	$126,151.61
Equity Built, 15 Years	$148,577.10 + Appreciation	$123,848.39 + Appreciation
Remaining P & I payments	120	180
Loan Balance 20 Years	$55,166.80	$91,345.98
Equity Built, 20 Years	$194,833.20 + Appreciation	$158,654.02 + Appreciation
Remaining P & I payments	60	120
Loan Balance 25 Years	$0	$49,739.15
Equity Built, 25 Years	$250,000 + Appreciation	$200,260.85 + Appreciation
Remaining P & I payments	0	60
Total Interest Expense	$101,276.44	$126,334.03

Please note the above used interest rates were relevant on the day of publication, but interest rates change daily & depend both on the individual borrower as well as broader market conditions.

The above calculations presume a 20% down payment on a $250,000 home, any closing costs paid upfront, 1% homeowner's insurance & an annual property tax of 1.42%.

Historical 30-YR Mortgage Rates

The following table lists historical average annual mortgage rates for conforming 30-year mortgages. 25-year mortgages tend to be priced at roughly 0.15% lower than 30-year mortgages. 2023 data is through the end of November.

Year	30-YR FRM Rate	30-YR Points	15-YR FRM Rate	15-YR Points	15 vs 30 Rate Diff
2023	6.81		6.11		-0.70
2022	5.34	0.81	4.58	0.85	-0.76
2021	2.96	0.68	2.27	0.64	-0.69
2020	3.11	0.73	2.60	0.69	-0.51
2019	3.94	0.5	3.39	0.5	-0.55
2018	4.54	0.5	4.00	0.5	-0.54
2017	3.99	0.5	3.27	0.5	-0.72
2016	3.65	0.5	2.93	0.5	-0.72
2015	3.85	0.6	3.09	0.6	-0.76
2014	4.17	0.6	3.29	0.6	-0.88
2013	3.98	0.7	3.11	0.7	-0.87
2012	3.66	0.7	2.93	0.7	-0.73
2011	4.45	0.7	3.68	0.7	-0.77
2010	4.69	0.7	4.1	0.7	-0.59
2009	5.04	0.7	4.57	0.7	-0.47
2008	6.03	0.6	5.62	0.6	-0.41
2007	6.34	0.4	6.03	0.4	-0.31
2006	6.41	0.5	6.07	0.5	-0.34
2005	5.87	0.6	5.42	0.6	-0.45
2004	5.84	0.7	5.21	0.6	-0.63
2003	5.83	0.6	5.17	0.6	-0.66
2002	6.54	0.6	5.98	0.6	-0.56
2001	6.97	0.9	6.5	0.9	-0.47
2000	8.05	1	7.72	1	-0.33
1999	7.44	1	7.06	1	-0.38
1998	6.94	1.1	6.59	1.1	-0.35
1997	7.6	1.7	7.13	1.7	-0.47
1996	7.81	1.7	7.32	1.7	-0.49
1995	7.93	1.8	7.48	1.8	-0.45
1994	8.38	1.8	7.86	1.8	-0.52
1993	7.31	1.6	6.83	1.6	-0.48
1992	8.39	1.7	7.96	1.7	-0.43
1991	9.25	2
1990	10.13	2.1
1989	10.32	2.1
1988	10.34	2.1
1987	10.21	2.2
1986	10.19	2.2
1985	12.43	2.5
1984	13.88	2.5
1983	13.24	2.1
1982	16.04	2.2
1981	16.63	2.1
1980	13.74	1.8
1979	11.2	1.6
1978	9.64	1.3
1977	8.85	1.1
1976	8.87	1.1
1975	9.05	1.1
1974	9.19	1.2
1973	8.04	1
1972	7.38	0.9

Source: Freddie Mac PMMS.

20% Down Payment

Home buyers who have a strong down payment are typically offered lower interest rates. Homeowners who put less than 20% down on a conventional loan also have to pay for property mortgage insurance (PMI) until the loan balance falls below 80% of the home's value. This insurance is rolled into the cost of the monthly home loan payments & helps insure the lender will be paid in the event of a borrower default. Typically about 35% of home buyers who use financing put at least 20% down.

Conforming Mortgage Limits

As of 2024 the FHFA set the conforming loan limit for single unit homes across the continental United States to $766,550, with a ceiling of 150% that amount in areas where median home values are higher. The limit is as follows for 2, 3, and 4-unit homes $981,500, $1,186,350, and $1,474,400. The limits are higher in Alaska, Hawaii, Guam, the U.S. Virgin Islands & other high-cost areas. Loans which exceed these limits are classified as jumbo loans.

Homes NOT in Designated High-cost Areas

The limits in the first row apply to all areas of Alabama, Arizona, Arkansas, Connecticut, Delaware, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Rhode Island, South Carolina, South Dakota, Texas, Vermont, Wisconsin & most other parts of the continental United States. Some coastal states are homes to metro areas with higher property prices which qualify the county they are in as a HERA designated high-cost areas.

The limits in the third row apply to Alaska, Guam, Virgin Islands, Washington D.C & Hawaii.

Units	1	2	3	4
Continental U.S. Baseline	$766,550	$981,500	$1,186,350	$1,474,400
Designated High-cost Areas	$1,149,825	$1,472,250	$1,779,525	$2,211,600
Alaska, Hawaii, Guam & U.S. Virgin Islands	$1,149,825	$1,472,250	$1,779,525	$2,211,600

Cambridge Home Buyers May Qualify For Low Downpayment Home Loan Options

Explore conventional mortgages, FHA loans, USDA loans, and VA loans to find out which option is right for you.

Find Out What Loan You Qualify For & Get Pre-Approved Today