Most people like fixed-rate mortgages because they know how much the monthly payment will be since it does not fluctuate with the mortgage market. However, the question then becomes a matter of securing a 15-year mortgage or a 30-year mortgage.
While there is no cut-and-dry answer, here is an article that will help you decide:
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Archive for October, 2006
15 Year Mortgage VS 30 Year Mortgage
Posted by Moderator on October 23rd, 2006Mortgage Rates Steady
Posted by Moderator on October 20th, 2006The average 30-year fixed mortgage held steady at 6.42%. The average 15-year fixed rate mortgage, which is popular for refinancing, moved to 6.10%, down from 6.11% last week. Adjustable rate mortgages increased slightly: the average 5/1 adjustable rate mortgage was 6.24 and the average one-year ARM settled at 5.92 from 5.90%.
Overall, fixed mortgage rates are […]
Mortgage Rates Low
Posted by Moderator on October 2nd, 2006The nation’s average mortgage rates are at the lowest levels more than six months.
According to Freddie Mac, last week the average 30-year fixed-rate mortgage was 6.40 percent; this week, that same mortgage sits at 6.31 percent.
The last time mortgage rates were this low was in early March when they were at 6.24 percent.
It is hard […]