Zillow Mortgage Marketplace Rates
- National Rate: % (volume: )
- Local Rate: % (volume: )
| Lender | APR | Dis/Orig Points |
Rate | Fees | Date | Estimated Payment |
|---|---|---|---|---|---|---|
| CenturyPoint Mortgage | 4.39% | 0.0/0.0 | 4.375% | $350 | 11/09 | $2,276 |
| Absolute Mortgage Company | 4.39% | 0.0/0.0 | 4.375% | $299 | 11/09 | $2,276 |
| Guaranteed Rate | 4.45% | 0.0/0.0 | 4.375% | $1,445 | 11/09 | $2,276 |
| Aaxa Discount Mortgage | 4.38% | 0.0/0.0 | 4.375% | $99 | 11/09 | $2,276 |
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Latest News for
15 Year Fixed
Mortgage Rates
15 year fixed mortgage rates go down to 4.24%
Monday, November 9, 2009
Mortgage rates for a 15 year fixed mortgage fell 2 basis points from 4.26% to 4.24% on Monday, Zillow Mortgage Marketplace announced.
The 15 year fixed mortgage rate on November 9, 2009, is down 3 basis points from the previous week's average rate of 4.27% and down 44 basis points from the average rate of 4.68% from three months ago.
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15 Year Fixed
Mortgage Help
What is a 30-year fixed mortgage?
A 30-year fixed mortgage is a loan whose interest rate stays the same for the duration of the loan. For example, on a 30-year mortgage of $300,000 with an interest rate of 5.75%, the monthly payments would be about $2,357.39. So, the interest rate of 5.75% stays the same for the life of the loan.
Who should get 30-year fixed mortgages?
People who don't like surprises and those who desire a predictable, fixed deduction from their monthly budget are well-suited for 30-year fixed mortgages. It's also attractive to people who plan to stay in the house for more than 5-7 years and desire a mortgage payment spread out over many years so it's more affordable.
What are the advantages and disadvantages of 30-year fixed mortgages?
The pros of a 30-year fixed mortgage: it's a predictable monthly payment; it's a hedge against inflation (the rate is not tied to the index, so it doesn't go up or down); it's relatively simple and maintenance-free (you don't need to worry about rate fluctuation); it provides a tax deduction from the interest you pay on your mortgage; and if rates drop significantly, you can refinance.
The cons of a 30-year fixed mortgage: rates and payments are usually higher than 15-year fixed mortgages and adjustable rate mortgages (ARMs), and if the owner decides to sell the home in less than five years, they could end up paying more interest vs. an ARM.
What is a 15-year fixed mortgage?
A 15-year fixed mortgage is a loan whose interest rate stays the same for the duration of the loan. For example, on a 15-year mortgage of $300,000 with an interest rate of 5.75%, the monthly payments would be about $3,097.90. So, the interest rate of 5.75% stays the same for the life of the loan.
Who should get 15-year fixed mortgages?
People who desire a predictable, fixed deduction from their monthly budget, want a shorter loan term, and can tolerate a higher monthly payment are well-suited for 15-year fixed mortgages.
What are the advantages and disadvantages of 15-year fixed mortgages?
The pros of a 15-year fixed mortgage: it's a predictable monthly payment; the paydown on a 15-year fixed is half the time of a 30-year fixed; the rates are usually lower than a 30-year fixed mortgage; and it's relatively simple and maintenance-free once you lock the rate (you don't need to worry about rate fluctuation).
The cons of a 15-year fixed mortgage: monthly payments are quite higher than a 30-year fixed mortgage, therefore making these loans more difficult to qualify for, and the mortgage tax deduction on a 15-year fixed is less than a 30-year fixed.
What is a 5/1 ARM?
A 5/1 Adjustable Rate Mortgage (ARM) is a mortgage in which the rate is fixed for 5 years and in the sixth year, the loan becomes an ARM. The new rate is determined by an economic index (usually treasury or treasury average index) or by the one-year London Interbank Offered Rate ("LIBOR"), and is added to a pre-determined margin (usually between 2.25-3.0%) to arrive at your new monthly rate. The loan is fully amortized (or paid off) in 30 years if the normal payment schedule is followed.
Who should get a 5/1 adjustable rate mortgage?
A 5/1 ARM is popular in a hot real estate market where houses appreciate quickly, or with people who aren't expecting to stay in a home for long, or for those expecting to refinance before the rate adjusts.
What are the advantages and disadvantages of 5/1 ARM?
The pros of a 5/1 ARM: the initial rates are lower than fixed-rate mortgages; you can qualify for a higher loan amount with an ARM (due to the lower initial interest rate), and if the interest rate drops, your monthly payments will also drop.
The cons of a 5/1 ARM: The rates will increase after the adjustment period on an ARM and they can be quite high. Also, planning that a refinance will bail you out is risky because rates could be extremely high down the road.
4.800
4.238
3.463
4.625
4.125
3.375
