Follow Us: Google+
 
Bankrate.com

mortgage

Save with a shorter-term mortgage

 

 

Because interest rates are at or near rock bottom, short-term loans have become more affordable for many borrowers.

Those who currently have a 30-year mortgage with an interest rate of 6 percent or higher may be able to refinance into a 20 or 15-year loan while keeping their monthly mortgage payments close to what they pay now. Consider this option even when the short-term loan means slightly higher monthly payments. This is your chance to pay off your mortgage quicker.

advertisement

Show Bankrate's community sharing policy
            Connect with us
Compare Mortgage Rates
Zip code:
Product:



advertisement
Most Read
  1. Nick Nolte's house for sale
  2. 8 eerie ghost towns
  3. 5 best markets for home values
  4. What does a kitchen remodel entail?
  5. Don't sell a smelly house
  6. Headlight requirements by state
  7. 9 gas-only, fuel-efficient cars
  8. 8 affordable, classic cars for retirees
  9. 5 car models that lose value
  10. Top 10 states for foreclosure
Mortgage Overnight Averages
Product Rate +/- Last week
30 yr fixed mtg
3.60% 3.52%
15 yr fixed mtg
2.74% 2.71%
5/1 ARM
2.54% 2.57%
30 yr fixed mtg refi
3.58% 3.50%
View rates in your area:
 

Feeling lost in the mortgage wilderness?

Let Bankrate's Mortgage Analysis be your GPS. This newsletter tracks our exclusive mortgage features, rates and tools. Delivered Thursdays.
 
advertisement
At the start of the traditional buying season, housing news is mixed.
Partner Center
advertisement

Advertising Disclosure: Bankrate.com is an independent, advertising-supported comparison service. Bankrate may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.