Fifteen-Year Mortgage

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Fifteen-Year Mortgage

A mortgage with a maturity of 15 years. A 15-year mortgage usually has a higher payment than a 30-year mortgage because one pays a higher portion of the principal each month.
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Before you opt for a 30-year mortgage over a 15-year one in order to secure lower monthly payments, learn how much there is to like about 15-year mortgages.
Leading the pack were 30-year fixed rate mortgages at 38% followed by 15-year mortgages at 19%.
Rowan is frustrated to see that many African Americans are still buying houses on a 30-year loan while our white counterparts are getting 15-year mortgages.
There's still room to refinance" with ARM, hybrid ARM, and 15-year mortgages, all of which offer lower interest rates than 30-year loans.
Some mortgage companies report that nearly half their refinancing activity involves 15-year mortgages.
On the consumer side, most people refinancing their old 30-year mortgages are moving to 10- or 15-year mortgages, thus lowering their rates while keeping their payments level," he said.
We have adjustable rate mortgages in the 2s, 15-year mortgages in the 3s and 30-year fixed mortgages in the 4s," said Josh Fitzwater, Regional Vice President for First Option Mortgage.
For 15-year mortgages, the average interest rate was 4.
Table 4 compares interest payments and the remaining loan balance of 30- and 15-year mortgages (for the first 15 years) for an $80,000 and a $160,000 mortgage.
As rates descended, the volume of 15-year mortgages soared.
The average rate for 15-year mortgages dropped to 5.
WASHINGTON - Rates on 30-year and 15-year mortgages this week dropped to their lowest levels since late February, offering a bit of good news for people wanting to buy a home.