30-year fixed mortgage rates, you'll pay off your loan over 30 years, and your rate stays the same the whole time.
Monthly payments are relatively low for a 30-year term, because you're spreading payments out over a longer period of time than you would with a shorter term. The 15-year fixed-rate mortgages are more affordable than 30-year terms in the long run. You'll pay a lower interest rate on a 15-year term, and you'll pay off the mortgage in half the time.
Some lenders offer 10-year terms for initial mortgages, but they aren't super common. You may refinance into a 10-year term, though.An adjustable-rate mortgage keeps your rate stays the same for the first few years, then changes it periodically. Alocks in your rate for the first five years. Then your rate goes up or down once per year for the remaining 25 years.