A 30 year fixed mortgage has advantages and disadvantages. On the one hand, current 30 year fixed mortgage rates are quite low and are the same during the whole period. Plus, it is a great option for those who think that they will not be able to repay in a shorter period. On the other hand, a longer period means a higher amount of money paid. This is because, even though current 30 year fixed mortgage rates are low and interest remain the same, they build up during those 30 years.
In general, current 30 year fixed mortgage rates are as low as 4.75%, which is not that high considering that other mortgages have rates of even 6%. Furthermore, current 30 year fixed mortgage rates are expected to experience a sharp fall.