Mortgage interest rates took small steps lower today. 30-year fixed mortgage ratesThere are two main advantages to a 30-year fixed mortgage: Your payments are lower, and your monthly payments are predictable. The main disadvantage to 30-year fixed mortgage rates is mortgage interest — both in the short and long term. 15-year fixed mortgage ratesThe pros and cons of 15-year fixed mortgage rates are basically swapped from the 30-year rates. Learn more: Adjustable-rate vs. fixed-rate mortgageToday's mortgage rates: FAQsWhat is a 30-year mortgage rate right now?