How a 15- year fixed mortgage refinance works. 15-year mortgages work similarly to any other fixed rate loan with one important difference – they take less time to go away that a traditional 30-year fixed mortgage. The only common fixed-rate term with lower terms than the 15-year is a 10-year.
Today’s low interest rate for a 15-year fixed is 3.375% (3.835% APR), and the interest rate for a 30-year fixed is 3.875% (4.148% apr). Why You Should Choose Quicken Loans You’ll get a completely online application process with less paperwork, and you can track the status of your mortgage application.
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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.
How to Find a No-Closing Cost Refinance. If you want to get a no-closing cost refinance, you can compare options on Zillow. Make sure to filter your quote results to only show No points and No fees mortgage quotes. Even if you don’t see a no-closing cost option, it is worth calling the lender to see if they will offer you one. Need help.
Does it make sense to refinance? Deciding if it makes sense to refinance starts with this question: What are your financial goals? Whether you want to lower your monthly payment, get a lower interest rate, shorten your term or do a cash-out refinance, our refinance calculator can help you determine if refinancing can help you meet your goals.
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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.
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On Friday, Aug. 30, 2019, the average rate on a 30-year fixed-rate mortgage fell two basis points to 3.83%, the rate on the 15-year fixed rose one basis point to 3.43% and the rate on the 5/1 ARM.
Across the United States 88% of home buyers finance their purchases with a mortgage. Of those people who finance a purchase, nearly 90% of them opt for a 30-year fixed rate loan. The 15-year fixed-rate mortgage is the second most popular home loan choice among Americans, with 6% of borrowers choosing a 15-year loan term.