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15 Year Rates Are Down
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15 Year fixed mortgage rates for conventional
home loans are a popular option lately.
Mainly, the reason is because this particular
home loan rate
for
purchase and
refinance alike has remained quite stable and historically low.
To better describe the 15 year fixed, we offer the following:
Being that it is a
fixed interest rate, it is the type of
mortgage where your
monthly payment stays the same throughout the life span of the mortgage. The
interest rate
can not not fluctuate after it is locked. That helps homeowners be concisely
certain as to what their monthly output will be for the next 15 years. It
provides a comfort zone with respect to monthly budgeting.
As mentioned above, the
15-year fixed rate mortgage is one of the most widely chosen mortgages in
financing residences throughout cities countrywide.
One of the more prominent advantages to the home buyer or
refinancing homeowner is simply the
predictability of it all. This kind of loan is a good, solid recommendation for
home purchase loan candidates in particular. It is helpful for people who
are on a fixed income or set budget.
If you are planning on living in your home for a duration in excess of five
years you should heavily consider this option. The way The Fed is playing-out
their gradual, measured rate increases in attempt to balance the economy, you
can be certain
interest rates are not going to dive lower than they are today for many
years to come, so one should not fear that they will need to refi again at a
lower rate later-on and incur new closing costs, appraisal fees, etc.
Generally speaking, you'll notice that 15 year notes carry a lower interest rate
as compared to 30 year fixed rate mortgages. On average, the monthly payment for
a typical
30 year home loan is around 28 percent higher than their 15 yr. Also be
aware that any homeowner on a 15 year fixed rate mortgage will invariably pay
considerably less in interest by the time all is said and done by contrast to
the amount of interest paid after a 30 year mortgage comes to fruition. This is
simply due to the fact that there is a dramatic reduction in the amortization
period (15 years versus 30 years). The bottom line? It saves the 15 year fixed
rate borrower many thousands of dollars over the duration period of their home
loan.
News article by Stockton Marquette,
Mortgage Industry Analyst
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