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Are the rates on a 15 yr fixed lower than for a 30 yr?

by kitbarrow874623669 from Seattle, Washington. Nov 7th 2014 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,515 contributions

The shorter the term, the lower the interest rates. 30-yr and 25-year loans have basically the same rate. A 20-year is generally about .25% lower, while a 15-year is generally about .50% lower. A 10-year is even better. Talk to a local mortgage broker in your area to get a quote based on your personal situation. Lending in MN, WI, and SD - www.SaintPaulMortgageBroker.com

Nov 7th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

Yes.. Rates will always be lower for shorter term loans.. Also, 5/1 ARMS rates are about the same as a 15 year fixed, so you could get the benefit of the lower rate, but still have your loan amortized over 30 years vs. 15.. just a thought!! I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Nov 7th 2014
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,236 contributions

Yes

Nov 7th 2014
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Dave Skow (daveskow)
#16 ranked lender in Washington - 142 contributions

11/7/2014Thanks for the question and yes - 15 yr fixed rates are .375%- .5% lower than 30 yr fixed rates... keep in mind that the payment for whateve loan you might be considering will be higher with a 15 year loan versus a 30 yr fixed loan due to the shorter amortization period Let me know if you need anything else or if you are interested in obtaining a new loan ?Dave Skow WA MLO #278613 Eagle Home Mortgage2200 6th Ave #100 Seattle WA 98121W 206 714 9745 Fax (877) 412 2557daveskow@eaglehm.com www.eaglehomemortgage.com/daveskow

Nov 7th 2014
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Jason Vondrak (jvondrak)
#2 ranked lender in California - 1,713 contributions

Yes, the shorter the loan term, the lower the interest rate. Since lenders are taking less risk with shorter loan terms, they are able to offer a lower interest rate. Since you will be paying off a 15-year loan half the time it would take you to pay off a 30-year loan, your monthly payment will be higher. However, you will likely be saving thousands in interest payments.

Nov 7th 2014
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