Today's best mortgage and refinance rates: Monday, October 5, 2020 - Business Insider

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Fixed mortgage rates have decreased since last Monday, so it could be a good time to lock in a low rate

Refinance rates are up since last Monday. The 30-year fixed rates have decreased since last month, 15-year rates have increased, and 10-year rates have held steady.You'll pay a higher rate on a 30-year fixed mortgage than on a shorter term, like a 15-year fixed loan. In the past, 30-year fixed mortgages have charged higher rates than adjustable-rate mortgage. But right now, 30-year mortgages are more affordable than adjustable mortgages.

The down side is the higher monthly payments. Because you're squeezing the same principal into less time, you'll pay more each month than you would with a 30-year loan.A 10-year fixed-rate term isn't super common for an initial mortgage. But you could refinance into a 10-year fixed-rate loan after you've paid down some of your mortgage.How 5/1 ARMs work

Adjustable rates used to be lower than fixed rates during the introductory rate period, but this is no longer the case. This means ARMs are less beneficial than they used to be.

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