In the US, 30 year fixed mortgage interest rates vary according to each state. Nowadays, rates for this kind of mortgage are of no more than 5.50% nation-wide. However, they reached a peak of 6.40% in November last year. Fixed mortgages are very popular among borrowers due to the fact that they provide them with a long period of time to repay the debt. However, with sky-high 30 year fixed mortgage interest rates, borrowers are thinking twice before taking the plunge.
The disadvantage of high 30 year fixed mortgage interest rates is that, the higher the interests, the higher the monthly payments. On top of that, high 30 year fixed mortgage interest rates result in borrowers repaying even twice the mortgage price.