All three refinance rates have increased since last week and last month, although the 15-year fixed refinance rate is currently the lowest by a mere percentage point. You'll pay a higher rate on a 30-year fixed mortgage than on a shorter term, like a 15-year fixed loan. In the past, 30-year fixed mortgages have charged higher rates than adjustable-rate mortgage. But right now, 30-year mortgages are more affordable than adjustable mortgages.
The down side is the higher monthly payments. Because you're squeezing the same principal into less time, you'll pay more each month than you would with a 30-year loan.It isn't very common to get a 10-year fixed rate on an initial mortgage. But you might refinance into a 10-year mortgage after you've paid down some of your loan.How do 5/1 ARMs work?
Adjustable rates used to be lower than fixed rates during the introductory rate period, but this is no longer the case. This means ARMs are less beneficial than they used to be.
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