30 year fixed interest rate is one of the most desirable mortgage loan program in the nation, most people seek the low monthly payments and prefer a 30 year fixed rate mortgage as compared to a adjustable rate mortggae (ARM). The interest rates are volatile and always move up and down briskly, and therefore the majority of people like to stay with a constant fixed mortgage interest rate.
The term of a 30 year mortgage loan program is long and consequently you pay more interest over the life of the loan. The 30 year fixed loan financing is recommended for borrowers who intend to stay in their house for a long period of time. It is indeed the most common and easiest fixed rate mortgage loan to qualify for. Its longer term gives you the best chance to keep monthly mortgage payments low and use the extra cash for other purposes.