The 15-year refinance rates have decreased since last week, while rates for 30-year and 10-year mortgage refinance have stayed pretty steady, fluctuating by only a single basis point over the course of the week.than on a shorter-term fixed-rate mortgage. The 30-year fixed rates used to be higher than adjustable rates, but recently 30-year terms have been 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.A 10-year term isn't super common for initial mortgages, but you might refinance into a 10-year mortgage.5/1 adjustable mortgage rates
, 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 if your finances are strong, you may want to refinance in the next few weeks. Starting December 1,. If you lock in a rate before December 1, you won't have to pay this closing fee.
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