30 year mortgage rates vary over time, from week to week and even daily. They offer a wide range of flexibility to the average family if obtained when mortgage rates are low. But, there are things to consider today when comparing mortgage rates. Like any other, a 30 year mortgage is a big commitment. Think for a moment where you will be 30 years. Will you be working in 30 years? Depending on where you believe you will be in 30 years, and understanding what 30 year mortgage rates are all about, you will know if this is the right home loan choice for you.

Many people choose the 30 year mortgage loan because the payments are lower than most other home loans. Consider this: if you took a mortgage loan at a 5% rate over ten years, would you pay more or less (in total, over the life of the loan) than for a mortgage loan of 4% for 30 years? Yes, it is obvious that the total payments on 30 year debts are going to cost you more. Of course, if you plan to work on paying off that 30 year loan in less time by way of prepayments, it may be more beneficial assuming there are no insurmountable fees for prepayment.

You can choose a 30 year mortgage that has adjustable rates. Again, if interest rates are low and rising, weigh your rate options carefully to ensure that you are not losing money in the loan rate selection process. A home loan that is an adjustable rate may have a cap to protect your rates from rising past a certain point. Comparing the history of 30 year mortgage rates over time can give some indication of how much rates can fluctuate over time.

The basic reason that people choose a 30 year mortgage loan rate is that the monthly payments for the 30 year loan are less than on a 15 year loan. With that, it can become affordable to purchase a larger home, even at a higher rate. Here is a list of mortgage calculators that can help you calculate loan payments.

To find out what 30 year mortgage rates are in your area today, you can check lenders websites or give them a call. Perhaps you can even glean other mortgage information as well. In the end, the 30 year may be the best loan available to you. It may offer you a lower mortgage loan payment that offers the flexibility to purchase the size home you want today!