Long Term Fixed Rate Mortgage

Visit our latest specials page to see our great mortgage promotions! Our long-term fixed rate mortgage loans are a great option for: Anyone looking to purchase a new home. Anyone looking to purchase a second home. Anyone looking to refinance their home for a term of longer than 10 years.

Mortgage rates have tumbled in recent years and those locked into higher-rate long-term deals will have looked on enviously, but they should beware allowing that to overly influence their thinking.

Interest rates are near a cyclical, long-term historical low. That makes a fixed-rate mortgage more appealing than an adjustable-rate loan for most home buyers. ARMs can reset to a higher rate of interest over the course of the loan & cause once affordable loans to become prohibitively expensive.

So, locking in today’s 2.9% 5-year mortgage rate will definitely start benefiting you if variable rates begin climb. If you are inclined toward a fixed rate mortgage, our advice is to speak to a Mortgage Broker as early as possible to lock in a rate. You can lock in a rate up to 120 days before closing on a home sale or the renewal of your.

WASHINGTON (AP) – U.S. long-term mortgage rates were little changed this week, after six straight weeks of declines putting them at historically low levels. Mortgage buyer Freddie Mac said Thursday.

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Fixed or Variable Rate - Which Is Better? With a fixed-rate mortgage, your monthly payment stays the same for the entire loan term. Find information and rates for 15, 20 and 30-year fixed-rate mortgages from Bank of America.

The mortgage rate of a long-term is generally higher than the short-term, but in return it secures the borrower by locking the payments and the interest rate for a good period of time. If the mortgage rates are presently reasonable and the borrower has a tight budget, the best option would be to go long-term in order to avoid unexpected costs.

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How The Federal Reserve Affects Mortgage Rates. March 13, 2017 – 10:38 AM EDT. At 4.38% as of March 2017, according to Bankrate, the rate on a 30-year fixed mortgage has increased by 81 basis point since before the election, in which time the Federal Reserve has raised interest rates once.