How 30-year fixed mortgage rates workcharges a higher interest rate than a 15-year or 10-year fixed-rate mortgages. For a long time, you'd also pay a higher rate on a 30-year fixed mortgage than on a 5/1 ARM. But right now, 30-year fixed rates are the better deal.
The good news is that you'll pay less each month on a 30-year term than on a shorter term, so you're spreading your payments out over a longer period of time.than on a 30-year mortgage over the years, for two reasons: The 15-year mortgage charges a lower interest rate, and you'll pay off your mortgage in half the time.
A 10-year term isn't super common for 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.
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