Refinance rates have increased since last Monday. The 30-year refinance rates are the same as they were this time last month, while 15-year and 10-year refinance rates have gone down.locks in your rate for the entire life of your loan, and you'll pay off the mortgage over 30 years.
Your monthly payments on a 30-year term will be lower than on a shorter-term mortgage. You're spreading payments out over a longer period of time, so you'll pay less each month. You'll pay less in interest on a 15-year term than on a 30-year term. The 15-year rates are lower, and you'll pay off the mortgage 15 years earlier.
It isn't very common to get a 10-year term on an initial mortgage, but you may refinance into a 10-year mortgage.An adjustable-rate mortgage, often referred to as an ARM, keeps your rate the same for the first few years, then changes it periodically. AAlthough ARM rates are relatively low these days, you still may want to go with a fixed-rate mortgage.