How 30-year fixed rates workYou'll pay a higher interest rate on a 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.
You'll ultimately pay more in interest 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.With a 15-year fixed-rate mortgage, your term lasts 15 years, and you'll pay the same rate the entire time. is more affordable 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.
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