How do 30-year fixed mortgage rates work? comes with a higher interest rate than fixed-rate loans with shorter terms. For a long time, 30-year fixed rates were higher than adjustable rates. But right now, 30-year fixed rates the better deal.
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.It isn't very common to get a 10-year term for an initial mortgage, but you may refinance into a 10-year mortgage.
, you should still ask your lender about what your individual rates would be if you chose a fixed-rate versus adjustable-rate mortgage.Refinance rates are low right now, so you may want to consider refinancing in the next few weeks. Starting December 1,. If you lock in a rate before December 1, you won't have to pay this new fee.
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