When interest rates are rising, the conventional wisdom says that refinancing your mortgage is less appealing. But for some homeowners, a 15-year refinance mortgage could be a smart financial move.
How to Effectively Compare Rates. As a rule of thumb, loan types with a shorter fixed period, such as the 5/1 ARM, will come with lower interest rates, all else being equal. And shorter-term mortgages, such as the 15-year fixed, will be cheaper than 30-year mortgages.
How a 15- year fixed mortgage refinance works. 15-year mortgages work similarly to any other fixed rate loan with one important difference – they take less time to go away that a traditional 30-year fixed mortgage. The only common fixed-rate term with lower terms than the 15-year is a 10-year.
It was 4.72 percent a week ago and 3.85 percent a year ago. The 15-year fixed-rate average. senior economist at Zillow. “If Friday’s employment report is in line with the jobs release, a return to.
It was 4.31 percent a week ago and 4.45 percent a year ago. The 15-year fixed. to its benchmark rate were unlikely to occur this year and that it will stop the reduction of its balance sheet in the.
(Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.) It was 3.82 percent a week ago and 4.57 percent a year ago. The 15-year fixed-rate.
Low Interest Rate – As mentioned earlier, a 15 year normally comes with an interest rate of .50% to .75% lower than a 30 year rate. Coupled with the fact that the loan is paid off much quicker, a 15 year will save a borrower thousands of dollars each year in interest payments.
Today’s low interest rate for a 15-year fixed is 3.5% (3.979% APR), and the interest rate for a 30-year fixed is 4.125% (4.391% APR). Why You Should Choose Quicken Loans You’ll get a completely online application process with less paperwork, and you can track the status of your mortgage application.
Fixed-rate mortgages are also available as a 15-year loan but the monthly payments are higher, because you are paying off the same amount of money in a shorter period of time. The average New York mortgage rate for fixed-rate 30-year mortgages is 4.13%. New York Jumbo Loan Rates
Compare mortgage rates from multiple lenders in one place. It’s fast, free, and anonymous.