When interest rates rise consumers tend to shift more toward using adjustable-rate mortgages to purchase homes. 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.
Multiple key mortgage rates notched higher today. The average rates on 30-year fixed and 15-year fixed mortgages both moved.
When you refinance from a 30-year fixed-rate mortgage to a 15-year home loan, you pay a lower interest. If you’re thinking about refinancing, be sure to compare refinance rates. "Money in the bank.