Today's best mortgage and refinance rates: Friday, December 11, 2020 - Business Insider

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Even though adjustable mortgage rates have decreased this week, fixed-rate mortgages are still the better deal

The 30-year and 10-year refinance rates have gone down since last Friday, while 15-year refinance rates have gone up. Refinance rates have decreased overall since this time last month, except for 15-year rates, which are up by one basis point. comes with a higher interest rate than a shorter-term fixed-rate mortgage. The 30-year fixed rates used to be higher than adjustable rates, but 30-year terms have become the better deal recently.

You'll pay more in interest in the long term with a 30-year term than you would for a 15-year mortgage, because a) the rate is higher, and b) you'll be paying interest for longer.is less expensive than a 30-year term in the long run. The 15-year rates are lower, and you'll pay off the loan in half the amount of time.

It isn't very common to get a 10-year term on an initial mortgage, but you might refinance into a 10-year term.With an adjustable-rate mortgage, your rate stays the same for the first few years, then changes periodically., your rate is locked in for the first five years, then your rate increases or decreases once per year.

, you should still ask your lender about what your individual rates would be if you chose a fixed-rate versus adjustable-rate mortgage.Whether you want to get an initial mortgage or refinance, it could be a good day to get a fixed-rate mortgage. Fixed rates are at historic lows right now. English doesn't recommend applying for an adjustable-rate mortgage, though.

 

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