The 30-year fixed refinance rates are down from last Friday, while 15-year and 10-year fixed rates have remained steady. Refinance rates have decreased across the board since this time last month.Typically, you'll pay a higher rate on a 30-year fixed-rate mortgage than on a 15-year fixed or 5/1 adjustable mortgage.
You'll save money in the long run, though, because the rate is lower, and you'll be making payments for a shorter amount of time.A 10-year fixed-rate mortgage isn't very common for an initial mortgage. But you might refinance into a 10-year mortgage after you've paid down some of your loan. You'll pay less than with a 15-year mortgage, because you aren't trying to pay back the entire loan in a shorter amount of time.might be better if you plan to stay in the home for a long time, because you risk rates increasing by the time the introductory period ends. As a result, you could pay more in the long run.You may want to consider applying for a mortgage or refinancing your home, because rates are at historic lows right now.many borrowers will pay a fee of 0.
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Source: BusinessInsider - 🏆 729. / 51 Read more »
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