15 & 30 Year Fixed Mortgage Rates
What Are Fixed Rate Mortgages?
The typical U.S. mortgage will be a fixed mortgage financed over a term of 30 years, or 15 years. Each of these terms are at the borrower’s discretion. If you want your mortgage rate to be lower, select the 15 year term. If you want your payment to be lower, select the longer 30 year term. Fixed-rate mortgages are far more common than adjustable-rate loans; and the most common fixed-rate mortgage is the 30-year fixed rate mortgage. Since 2011, however, shorter-length loans such as the 15-year fixed-rate mortgage have gained market share.