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15 vs 30 Year Mortgage

June 4, 2012 |  Article By :   | 

The demand for 15 year mortgages has been soaring with the record low interest rates.  Something to consider when your purchase or refinance your home is the 15 vs 30 year mortgage question.  Last week, 30 year mortgages were at 3.75% and 15 year mortgages were at 2.97% – a level never seen before since the start of tracking!  According to Freddie Mac, 31% of refinanced mortgages so far this year have gone with the 15 year mortgage.  Back in 2002, with an interest rate of  5.5%, 35% of refinanced loans were 15 year.  If you are buying or refinancing and can afford to spend several hundred dollars more a month, the 15 year mortgage at this low, low rates is really the best way to go.  Check with your lender to see the options that are available to you.

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