The most common loan term is a 30-year fixed mortgage. A 30-year fixed mortgage will usually have a higher interest rate than a 15-year fixed rate mortgage -- but also a lower monthly payment.What are current mortgage rates?
When you’re researching options, it’s smart to start with your current mortgage lender, as it may offer incentives (like lower fees) to keep customers who have a history of paying on time. How are mortgage rates set? Lenders set their own mortgage rates.