The 30-year fixed-rate loan is the most common term in the United States, but as the economy has went through more frequent booms & busts this century it can make sense to purchase a smaller home with a 15-year mortgage. If a home buyer opts for a 30-year loan, most of their early payments will go toward interest on the loan.
30-year mortgage, or 15? 5 questions to help you choose – USA Today – Although a 15-year mortgage offers a lower rate relative to a 30-year mortgage, thereby allowing borrowers to pay interest for only half as long,
Bankrate: Mortgage Rates Move to One-Month Lows – The average 30-year fixed mortgage has an average of 0.36 discount and origination points. To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/. The average 15-year.
Bankrate: Mortgage Rates Continue to Fall – NEW YORK, Jan. 15, 2015 /PRNewswire/ — Mortgage rates fell for a second week in a row, with the benchmark 30-year fixed mortgage rate dropping to 3.80 percent, according to Bankrate.com’s weekly.
Bankrate: Mortgage Rates Continue to Drop – The average 30-year fixed mortgage has an average of 0.33 discount and origination points. To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/. The average 15-year.
Lower interest rates: While both loan types have similar interest rate profiles, the 15-year loan typically offers a slightly lower rate to the 30-year loan. Build home equity much faster: People typically move homes or refinance about every 5 to 7 years.
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The average 15-year fixed mortgage rate is 3.15 percent with an APR of 3.32 percent. The 5/1 adjustable-rate mortgage (arm) rate is 3.88 percent with an APR.
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Lower interest rates: While both loan types have similar interest rate profiles, the 15-year loan typically offers a lower rate to the 30-year loan. The spreads change over time, but the 15-year is typically about a half a percent lower than the 30-year.
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A 15 year can be compared to the following: 30 year mortgage – The 30 year is the most frequently used option. Like the 15 year, the 30 year has a fixed payment over the life of the loan. The main difference is that the 30 year is paid over a period twice as long, which leads to lower monthly payments.