Financial institutions offer various fixed-rate mortgages including the more common fixed-rate mortgages: 15, 20, and 30-year. Out of the three the 30-year fixed is the most popular mortgage because it usually offers the lowest monthly payment. However, the lower monthly payment comes at a cost of paying more in interest over the life of the loan.
Several key mortgage rates climbed higher today. The average rates on 30-year fixed and 15-year fixed mortgages both trended.
A 15-year fixed-rate mortgage maintains the same interest rate and monthly payment over the 15-year loan period. The 15 year fixed-rate mortgage allows the borrower to pay off the mortgage faster and typically has a low interest rate. But monthly payments are usually higher than with other mortgages.
Current rates in Georgia are 3.631% for a 30-year fixed, 3.104% for a 15-year fixed, and 3.505% for a 5/1 adjustable-rate mortgage (ARM). Check out our other mortgage and refinance tools Lenders
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Since jumbos provide more risk to the bank, they often come with higher interest rates. 15-year jumbos typically come with an interest rate of 0.5% to 1% above a traditional 15 year loan. What Affects Interest Rates. Like all mortgage products, the best time to get a 15-year is when interest rates and fees are low.
The average rate for a 30-year fixed mortgage was 3.54 percent in the week ended today, down from 3.57 percent, McLean, Virginia-based Freddie Mac said in a statement. The average 15-year rate slipped. The average rates for 30-year fixed and 15-year fixed refinances both slid down. Meanwhile, the average rate on 10-year fixed refis also receded.
Today’s Thirty Year Mortgage Rates. When purchasing a home, one of the most confusing aspects of the process is selecting a loan. There are many different financial products to choose from, each of which has advantages and disadvantages. The most popular mortgage product is the 30-year fixed rate mortgage (FRM).
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The nationwide average for a 30-year fixed-rate refinance ticked up, but the average rate on a 15-year fixed tapered off. The average rate on 10-year fixed refis, meanwhile, ticked downward. Compare.
Loans Above $417,000 May Have Different Loan Terms: If you are seeking a loan for more than $417,000, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.