If one looks exclusively at purchases FRMs are about 90% of the market. It completely dominates the purchase market. Most consumers obtaining mortgages to purchase a home opt for the 30-year fixed-rate mortgage. When interest rates rise consumers tend to shift more toward using adjustable-rate mortgages to purchase homes. When interest rates are low (as they were after the global recession was followed by many rounds of quantitative easing) home buyers have a strong preference for fixed-rate mortgages. Source: Freddie Mac's 2016 home buyer statistics, published on April 17, 2017. The 15-year fixed-rate mortgage is the second most popular home loan choice among Americans, with 6% of borrowers choosing a 15-year loan term. ![]() Of those people who finance a purchase, nearly 90% of them opt for a 30-year fixed rate loan. Here is a table listing current 15-year fixed rates.Īcross the United States 88% of home buyers finance their purchases with a mortgage. Home Loan TermsĪmount Borrowed (exclusive of closing cost):Īmount Borrowed (inclusive of closing cost):Ĭurrent Local Fifteen Year Mortgage Rates The button at the bottom of the calculator also enables you to create a printable amortization schedule for both loans at the same time. If you would like to compare FRMs, ARMs & interest-only loans you can use this calculator. Due to historically low interest rates FRMs are currently far more popular than adjustable-rate loans. This calculator makes it easy to compare the monthly payments for any 2 fixed-rate mortgages (FRMs).īy default the left column is set to a 10-year amortization while the right column is set to a 15-year amortization, but you can change either of these terms to quickly & easily compare the monthly payments for any fixed-rate mortgages (FRMs). ![]() Calculator Rates Compare 10 & 15 Year Fixed Rate Mortgages
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