The 15-year fixed refinance rates, 30-year fixed rates, and 7/1 adjustable rates are down since last Wednesday. The 10/1 ARM rates are up by six basis points., you'll pay down your mortgage over 15 years, and your rate stays the same the entire 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. ARM rates are at all-time lows right now, but a fixed-rate mortgage is still the better deal. The 30-year fixed rates are comparable to or lower than ARM rates. It could be in your best interest to lock in a low rate with a 30-year or 15-year fixed-rate mortgage rather than risk your rate increasing later with an ARM.
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