15 Year Mortgage Loan

The 15-year fixed rate averaged 3.22%, up 4 basis points from last week. The Mortgage Bankers Association reported a 2.4%.

The savings can be massive. Because you’ll be paying a 30-year mortgage for twice as long as a 15-year mortgage, you might expect that you’ll pay twice as much interest over the term of the loan.

The average rate this week for 15-year, fixed-rate home loans slipped to 3.56% from 3.57% last week. The decline made purchasing a home a lot cheaper, and potential buyers have been rushing to take.

A 15-year mortgage has a higher monthly payment than a 30-year since the loan needs to be paid off in half the time. For example, a 15-year loan for $250,000 at 4% interest has a monthly payment.

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