All three mortgage refinance rates have decreased by a couple basis points since last week, and are down across the board since this time last month., you'll pay off your loan over 30 years, and your rate stays the same the whole time.
Monthly payments are lower for 30-year terms than for shorter terms, because you're spreading payments out over a longer period of time. A 15-year mortgage costs less than a 30-year mortgage over the years. Shorter terms come with lower interest rates, and you'll pay off the loan faster. A 10-year term isn't very common for an initial mortgage, but you may refinance into a 10-year mortgage.With an adjustable-rate mortgage, your rate stays the same for the first few years, then changes periodically. Alocks in your rate for the first five years. Then your rate changes once per year for the remaining 25 years.
That means the economy is shit!
nice Merry Christmas))