Today’s Lowest Mortgage Interest Rates – 15 Year Fixed Rates in Early March
Posted on | March 8, 2010 | No Comments
Today’s lowest mortgage interest rates remain very low. In early March we are seeing the 15 year fixed mortgage rate around 4.25% while the 30 year fixed mortgage rate is at 4.85%. We have seen a slight move higher in mortgage rates over the last few days but when looking at a historical chart you can clearly see these interest rates are very low.
For the entire month of February we saw the average for 30 year fixed mortgage rates between 4.75% and 4.9%. Many analysts continue to predict that mortgage rates are going to start moving up in the very near future. We have yet to see a bounce much higher but that doesn’t mean it cannot happen at any second.
The average for 15 year fixed mortgage rates has been between 4.1% and 4.3%. If you can afford the little bit extra each month it may be worth it for you to take on a 15 year fixed mortgage so you avoid a huge amount of interest. It is important to note that you will be paying a higher mortgage payment each month if you do this.
By looking at a mortgage calculator you can clearly see that paying on a 15 year fixed mortgage will cost more in the short run but you will save a significant amount in the long run. You will not only save with a lower interest rate but you will also save by only paying on that interest for half of the time as a 30 year fixed mortgage rate.
Author: Heather Best
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