Current 15 Year Mortgage Rate

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  1. – 15-year rates are tied to mortgage backed securities (mbs) which are a type of bond and provide a safe haven for investors when the stock market is volatile. The 10-year note affect 15 year conventional mortgage rates. When investors purchase these bonds, they are essentially creating the funds needed to lend money to homebuyers.

    With a fixed-rate mortgage, your monthly payment stays the same for the entire loan term. Find information and rates for 15, 20 and 30-year fixed-rate mortgages from Bank of America.

    The cons of a 15-year fixed-rate mortgage You HAVE a higher payment. Monthly payments for a 15-year mortgage run about 50% higher than on a 30-year home loan.

    The 30-year fixed loan is by far the most common loan program, but adjustable rate mortgage (ARM) and 15-year fixed loans offer lower rates. If you’re ok with the higher monthly payment of the 15-year fixed loan or the possibility of your rate changing with the ARM, one of these loan programs could help you pay much less interest over time for.