Compare 30-year fixed mortgage rates from 72 lenders in CO

A 30-year conventional, “conforming,” fixed-rate mortgage is the most common type of home loan in the United States. It’s popular because it offers predictable monthly payments, a long repayment term (so that homes become more affordable to more people), and flexible options for homebuyers with solid credit.

There’s a good reason this loan type is so popular. A 30-year fixed rate mortgage has:

1. Lower monthly payments.
   Because the loan is stretched over 30 years, your monthly payments are lower than they would be with a shorter-term loan.
2. Predictable costs.
   With a fixed interest rate, your principal and interest payments stay the same every month. That makes budgeting easier, when compared to an adjustable rate mortgage or “ARM.”
3. No mortgage insurance with 20% down.
   If you put at least 20% down, you don’t have to pay private mortgage insurance (PMI) — which saves money. Of course, most first-time homebuyers put a lot less down—as little as 3% downpayments on a 30-year fixed.
4. Widely available.
   Most lenders offer 30-year conventional loans. They’re available for primary homes, second homes, and even some investment properties.

It’s a mouthful. Let’s look at what each part of the name actually means:

Loan Term: 30-Year

The loan is paid back over 30 years. This longer term keeps monthly payments lower, which helps with affordability—meaning you can afford a more expensive home, which can gain more in total value over time (i.e., if property values increase at about 5% each year, you’re earning more total value on a $800,000 property than a $500,000). While you’ll pay more interest over time compared to a shorter loan, the lower payments make it a good option for most buyers.

Loan Type: Conventional

This means the loan is not part of a special government lending program, like FHA loans, VA loans (for veterans and their families), or USDA loans (for farms). Private lenders like banks, credit unions, and independent mortgage companies usually offer multiple loan types, and in many cases a homebuyer could qualify for both a FHA and a conventional loan. Deciding which is right for you is pretty nuanced, so it’s better to chat with your loan officer about tradeoffs and run the numbers on total costs for both.

Loan Category: Conforming

This means the loan meets the rules set by Fannie Mae and Freddie Mac, the two government-sponsored companies that buy most home loans from lenders. These rules include limits on:

• Loan size (e.g., $766,550 or less in most areas in 2025); if you need a larger loan you’re in “Jumbo” loan territory
• Borrower credit score
• Debt-to-income ratio
• Down payment size

If the loan meets all of these requirements, it “conforms” — and the lender can sell it to Fannie or Freddie, which lowers the risk and often results in better rates for borrowers.

Payment Type: Fixed-Rate

A fixed-rate mortgage means that you pay the same interest rate for the life of the loan. When interest rates are high, some people are drawn to adjustable-rate mortgages, which can offer a lower interest rate for the first few years, and then the rate changes over time based on market conditions. These loans are more risky—for example, if rates spike you might not be able to make your monthly payments—and that’s why most homebuyers opt for the more predictable fixed-rate mortgage.

To get this kind of mortgage, most borrowers need to meet the following basic criteria:

• Credit score: Typically, 620 or higher
• Down payment: As low as 3% for first-time buyers, but 5% or more is common
• Debt-to-income ratio (DTI): Usually no more than 43–50%
• Loan amount: Must fall under the conforming loan limit (which can vary by county)

The better your credit and the larger your down payment, the better your interest rate is likely to be.

You can get a loan with a shorter term (e.g., 15 or 20 years). You can get an Adjustable-Rate Mortgage (an ARM), which starts with a lower rate but can change over time. Or, you might qualify for a special loan program, such as an FHA loan or VA loan.

Still, the 30-year conventional conforming mortgage remains the top choice for most homebuyers.