5 Year Fixed Mortgage Rates

5 Year Fixed Mortgage Rates

5 Year Fixed Mortgage Rates

Having an interest rate that doesn't change over the course of the mortgage loan gives some home buyers peace of mind. While a fixed rate mortgage often starts off at a higher interest rate than an adjustable rate mortgage, it's not subject to the market fluctuations that could be impacting your income, as well. One of many disastrous factors in the mortgage crisis of 2009 was declining home values accompanied by lower wages and higher rates of unemployment. Imagine having your house payment go up the same month that you find your hours cut, or become laid off.

10 Year Mortgage Rates

Many people tend to purchase the biggest house they're approved for, and want the lowest payment possible, but never stop to calculate the total cost of the mortgage, or the financial consequences of a longer term loan. Using an online mortgage calculator to compare the rates of a ten year home mortgage and thirty year mortgage loan is very helpful.