Free mortgage calculatorUse the mortgage calculator below to see how today's interest rates would affect your monthly mortgage payments. 30-year fixed mortgage rates: Pros and consThere are two main advantages to a 30-year fixed mortgage: Your payments are lower, and your monthly payments are predictable. The main disadvantage of 30-year fixed mortgage rates is the mortgage interest, both in the short and long term. 15-year fixed mortgage rates: Pros and consThe pros and cons of 15-year fixed mortgage rates are basically swapped with those of the 30-year rates. Today's mortgage rates: FAQsWhy do 30-year mortgage rates vary by the source reporting them?