How 30-year fixed rates work
The downside is that you'll pay more in interest than you would with a 15-year fixed term because a) the rate is higher, and b) your interest is also spread out over a longer period of time.A 15-year fixed rate is lower than what you'll pay for a 30-year mortgage. Monthly payments will likely be higher, because you're paying off the principal in half the time.
A 5/1 ARM rate is higher than a 30-year or 15-year fixed rate right now. In the past, ARM rates have been lower, but that isn't the case in recent weeks. This means ARMs cost more than they used to, and are therefore less beneficial., then you should still ask your lender about what your individual rates would be if you chose a fixed-rate versus adjustable-rate mortgage.
Fixed mortgage rates are at historic lows right now, so you may want to consider getting a new mortgage if your finances are in a good place. But English doesn't recommend applying for an adjustable-rate mortgage.
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