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For the first five years, you'll usually get a lower interest rate with a 5/1 adjustable-rate mortgage compared to a 30-year fixed mortgage. You'll most likely get a lower interest rate, and you'll pay less interest in total because you're paying off your mortgage much quicker.Ī 5/1 adjustable-rate mortgage has an average rate of 4.25%, a rise of 5 basis points from the same time last week. But a 15-year loan will usually be the better deal, if you can afford the monthly payments. Compared to a 30-year fixed mortgage, a 15-year fixed mortgage with the same loan value and interest rate will have a larger monthly payment. The average rate for a 15-year, fixed mortgage is 3.47%, which is a decrease of 1 basis point from seven days ago. Although you'll pay more interest over time - you're paying off your loan over a longer timeframe - if you're looking for a lower monthly payment, a 30-year fixed mortgage may be a good option. A 30-year fixed rate mortgage will usually have a smaller monthly payment than a 15-year one - but usually a higher interest rate. (A basis point is equivalent to 0.01%.) Thirty-year fixed mortgages are the most frequently used loan term. The average interest rate for a standard 30-year fixed mortgage is 4.25%, which is an increase of 6 basis points from one week ago. Before you purchase a home, remember to consider your personal needs and financial situation, and compare offers from various lenders to find the right one for you.
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Although mortgage rates fluctuate and have been higher in the last several months, it might be a good time for prospective homebuyers to secure a fixed rate. Though average 15-year fixed mortgage rates dwindled a bit, there was a rise in average 30-year fixed mortgage rates and 5/1 adjustable-rate mortgages. A couple of closely followed mortgage rates went up today.