The 15-year refinance rate has increased since last Thursday, but it's the only one: The 30-year and 10-year refinance rates have decreased. The same is true of this time last month.comes with a higher interest rate than a shorter-term fixed-rate mortgage. The 30-year fixed rates used to be higher than adjustable rates, but 30-year terms have become the better deal recently.
However, your monthly payments will be higher on a 15-year loan than on a 30-year loan. You're paying off the same principal amount in a shorter amount of time, so you'll pay more each month.You might get a 10-year term for an original mortgage, but it's more likely you'll refinance into a 10-year term.How do 5/1 ARMs work?
For a long time, you could get a lower rate during the intro period of an ARM than you could with a fixed-rate mortgage. But right now, many lenders are offering lower fixed rates than intro rates for ARMs. Whether you want to get an initial mortgage or refinance, it could be a good idea to get a fixed-rate loan. Fixed rates are at historic lows right now. English doesn't recommend applying for an ARM, though.
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