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Refinance applications rose 4% last week and were coming in at triple the pace. Those shorter-term home loans are popular.
These days, the rate on a 15-year mortgage is 3.05%. A 30-year 3.6%. These days are you talking to your clients about.
On Thursday, Oct. 10, 2019, the average rate on a 30-year fixed-rate mortgage rose one basis point to 4%, the rate on the 15-year fixed was unchanged at 3.48% and the rate on the 5/1 ARM rose one.
Are 15-year, fixed-rate mortgages a good choice for refinancing? They often are, especially for homeowners well along in an existing 30-year mortgage; these can be used to chop years off of a remaining mortgage term, and often at the same or even lower than their current monthly payment.
A number of 15-year fixed interest rate mortgages have hit the market offering just that. to find a cheaper mortgage which can lower their monthly repayments when they refinance.”.
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.
The 15 Year Mortgage Rate is the fixed interest rate that US home-buyers would pay if they were to take out a loan lasting 15 years. There are many different kinds of mortgages that homeowners can decide on which will have varying interest rates and monthly payments.
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Monthly payments on a 15-year fixed refinance at that rate will cost around $699 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes.
When interest rates rise consumers tend to shift more toward using adjustable-rate mortgages to purchase homes. Advantages of a 15-Year Fixed-Rate Home Loan. The big advantage of a 30-year home loan over a 15-year loan is a lower monthly payment. However, for those who can afford the slightly higher payment associated with a 15-year mortgage.
Compare today?s mortgage and refinance rates from Citi.com. View current mortgage rates on 30 year and 15 year fixed mortgages. Get a customized rate and see more loan options.
Aug 22 (Reuters) – Borrowing costs on U.S. 30-year and 15-year fixed-rate mortgages fell. The decline in mortgage rates is expected to help home sales and to stoke refinancing, putting more cash.