|bankrate refinance rates 15 year||1.21||1||9412||30|
The Length of Your Mortgage Is Over 15 Years If your original mortgage is a 30-year term (or more), then refinancing is a good way to get to the ultimate goal of locking in a 15-year fixed-rate mortgage -ideally with a new payment that's no more than 25% of your take-home pay.When you should refinance a 15 year mortgage?
Should you refinance to a 15-year mortgage before that time is up, you could end up paying more in interest, since fixed-rate loans have higher interest rates. If you're thinking about refinancing to a 15-year loan from an ARM, consider waiting until after your fixed-rate period ends.Who should refinance to a 15 year mortgage?
For many middle-aged and older homeowners with several years of equity on their homes, 2021 could be a prime time to refinance from a 30-year fixed-rate mortgage into a 15-year mortgage. The three primary reasons homeowners refinance to shorter-term loans are to save money on interest, to pay off the loan faster, and to build equity.What is a good 15 year mortgage rate?
Remember that daily rates posted are averages and what rate you're offered depends on factors like your credit score and debt-to-income ratio. A good 15-year fixed rate is at or below the daily average. It typically is 0.5% - 0.75% lower than its 30-year counterpart. In the past 10 years, 15-year fixed-rate mortgages have averaged 3.0 - 4.0%.