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In early April, Freddie Mac reported that the average rate for a 15-year mortgage increased to 3.39 percent from 3.33 percent the previous month, which is still about a point lower than a 30-year mortgage. While these rates are still historically low, some industry experts predict these low rates won't last long. If you're thinking of going for (or refinancing) a 15-year mortgage, now's the time to do it.
The main benefit, of course, is that a 15-year mortgage allows you to pay off your mortgage twice as fast as a 30-year term, while saving a significant amount of money on interest in the process.
A 15-year fixed-rate mortgage has proved popular with young homebuyers as it enables those with sufficient income to meet the higher monthly payments to pay... If the email address was found in our system, your password has been sent. Please check your inbox.
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