– Fannie Mae & Jumbo Mortgage Rates.. 40 Year Mortgage or 40/30 Year Fixed Loan. The 40 Year loan is also called a 40/30. That means the loan is amortized over 40 years but due in 30 years. This helps to reduce the monthly payment, more than a 30 year fixed loan. However, the interest rate is a little higher due to increased risk..