As 30-year fixed mortgage rates have hit historical lows, there’s been one less-publicized corollary: 15-year fixed rates are low, too. Last week’s 15-year rate was at 3.30 percent, down from 3.33 percent the week before. If you’re a borrower, that’s even more attractive than the 30-year 4.
How 15-Year Fixed Mortgage Rates Stack Up Against Other Mortgage Rates Mortgage rates tend to be lower with 15-year fixed mortgages than 30-year fixed mortgage rates because lenders take into consideration that you’ll pay back the loan in a shorter amount of time.
The Bloomberg Barclays U.S. Mortgage-Backed Securities Index (Mortgage-backed securities) includes 15- and 30-year fixed-rate.
If we use a $250,000 30-year mortgage at 5% fixed as an example, you would pay a total of $233,139 over the life of the loan in interest alone. On a 15-year mortgage at less than one percentage point lower you would pay just $85,685 throughout the life of the loan. That is a savings of $147,453 throughout the life of the mortgage!
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These are not marketing rates, or a weekly survey. The rate for a 15-year fixed home loan is currently 3.06 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 3.05 percent. Below are.
With a 15-year mortgage you’ll own a home much faster and save a lot of money, but you’ll face higher monthly payments. nerdwallet’s 15-year vs. 30-year mortgage calculator allows you to compare.
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It was 3.89 percent a week ago and 3.43 percent a year ago. The 30-year fixed rate has fallen the past three weeks. The 15-year fixed-rate average remained. the month of August and not much should.
You may find a 15-year mortgage has a payment equal to or below what you’re currently paying on your 30-year mortgage. This can be the case if you are significantly dropping your interest rates.
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Two of the most commonly utilized home loan products available to homeowners today are the 15-year fixed-rate mortgage and the 30-year fixed mortgage. They are very similar to one another in the way they function (both offer fixed rates for the entire loan term), but one is paid off in half the amount of time.