These rates were last updated on Friday, December 4.charges 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.With an adjustable-rate mortgage, or ARM, the lender locks in your rate for the first few years. Then your rate will change periodically. Akeeps your rate the same for the first five years, then your rate will fluctuate once per year.
, you should still ask your lender about what your individual rates would be if you chose a fixed-rate versus an ARM.Whether you want to get an initial mortgage or refinance, it could be a good time to get a fixed-rate mortgage. Fixed rates are at all-time lows right now. English doesn't recommend applying for an adjustable-rate mortgage, though.
this is terrible news
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