Which Fixed-Rate Mortgage Rates Can You Lock?
The 30-year mortgage rates are available for nearly all of today’s popular loan programs. 15-year mortgage rates are almost as widely available. Conventional loans, backed by Fannie Mae and Freddie Mac, offer a full suite of fixed rate mortgage rates. 30-year fixed mortgage rates are the most common request, followed by 15-year fixed rate mortgage rates. 10-year mortgage rates and 20-year mortgage rates are also available.
FHA loans are commonly used by home buyers in search of a low-down payment mortgage — the FHA’s minimum down payment requirement is just 3.5 percent. Via the FHA, borrowers can use 30-year fixed mortgage rates and 15-year fixed rate mortgage rates. 10-year and 20-year loans are not available. The VA program also offer a limited set of fixed-rate home loans. Available to veterans and members of the military, VA loans can be used with accompanying 30-year mortgage rates or 15-year mortgage rates. There are no 10-year mortgage rates or 20-year mortgage rates available for VA borrowers. Lastly, home buyers opting for the USDA LOANS are limited to 30-year AND 15 year term loans.