refi 15 year fixed rates

Today’s Fifteen year mortgage rates 15 vs 30 Year Loans. The most popular mortgage product across the United States is the 30-year fixed-rate mortgage. When you refinance from a 30-year fixed-rate mortgage to a 15-year home loan, you pay a lower interest rate and save a lot in interest payments.But a 15-year mortgage rate has two major drawbacks.

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Homeowners in the second quarter took advantage of average rates as low as 4.5% on 30-year fixed-rate mortgages with 0.7 points and as low as 3.68% on 15-year fixed-rate mortgages with 0.7 points, according to Freddie Mac’s Primary Mortgage Market Survey.

Advantages of a 15-Year Fixed-Rate Home Loan. The big advantage of a 30-year home loan over a 15-year loan is a lower monthly payment. However, for those who can afford the slightly higher payment associated with a 15-year mortgage are getting a better deal in almost every possible way.

$1,514.38 will pay off the last of the principal with only $5.68 going to interest. Here’s the point to keep in mind: Over the life of the loan, you will have paid $247,220.13 in interest to borrow $300,000. Financing the same amount with a 15 year fixed rate mortgage at 3.5 percent, the difference is substantial.

Long popular with trade-up homebuyers and homeowners refinancing existing mortgages, 15-year fixed-rate mortgages can provide terrific stability, build equity more quickly and lower long-term homeownership costs.

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Mortgage rates continued their move lower as 2018 comes to an end. Average 30 year mortgage rates today are at 4.61 percent, down from the prior week’s average 30 year mortgage rate of 4.67 percent. Current mortgage rates on 15 year fixed loans are averaging 3.78 percent, a decline from last week’s average 15 year rate of 3.84 percent.

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Rate includes a 0.125% discount for automatic payments (ACH) made from a Webster personal checking account. This discount does not apply to all mortgage products. Quoted rate displayed for 30 Year Fixed is for loan amount less than $484,351. Quoted rate displayed for 15 Year Fixed.

money down on a house Using Your 401k for a Down Payment. There’s no specific penalty exemption for home purchases when you pull money out of a 401k, so any money you take out will be classified as a "hardship exemption."You’ll be assessed a penalty of 10% on the amount withdrawn and you’ll have to pay income tax on it as well.

Flexible loan terms ranging from 10 to 30 years in 5-year increments; A fixed rate mortgage may be right for you if you are refinancing and: You have a high interest rate and want to lower it; You have an adjustable rate mortgage and prefer the stability of fixed P&I payments; You want to lower your P&I payment or shorten the term of your loan

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