15-Year Mortgages Look Sweet Right Now
Mortgage rates remain relatively low — for now — but the gap between 15-year and 30-year fixed mortgage rates are widening — and that’s good news if you’re in the market for a 15-year mortgage. Here’s how low you can go when it comes to 15-year fixed-mortgage rates.
First, some basics. A 15-year mortgage is a fixed-rate home mortgage loan where the interest rate remains the same for the life of the loan. For instance, on a 15-year, $300,000 mortgage with an interest rate of 5.75%, the monthly mortgage bill clocks in at $3,097.90. That’s the same interest rate over the entire 15 years of the loan.
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Tags: Mortgage, Mortgage Rates