Refinance rates have gone up a little since last weekend, but they're still low in general. They've decreased since this time last month. These rates were last updated on Friday.locks in your rate for the entire life of your loan, and you'll pay off the mortgage over 30 years.
You'll pay more in interest in the long term with a 30-year term than you would for a 15-year or 10-year term, because a) the rate is higher, and b) you'll be paying interest for longer. A 15-year fixed-rate mortgage is less expensive than a 30-year term in the long run. The 15-year rates are lower, and you'll pay off the loan in half the amount of time.
A 10-year term isn't super common for an original mortgage, but you might 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.
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