Below you will see national average mortgage rates. Please note this is for reference purposes only and is not to be considered an official rate quote for an Arizona mortgage interest rate. You can also click on the table below to see a recent trend in mortgage rates.
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10 Year Mortgage Rates
With a 10 year mortgage, your monthly payment will be about 1.95 times greater than your monthly payment with a 30 year mortgage. Example; if a 30 Year fixed mortgage payment is $1,000 per month, a 10 Year fixed mortgage payment would be around $1,950 per month. Feel free to use the Mortgage Calculator tool.
The total interest payments on a 10 Year fixed interest rate mortgage will be around 4.2 times less than a 30 Year fixed mortgage. Example, if your starting loan amount was $280,000, and your interest rate was 4%, you would spend approximately $200,000 on interest over the life of a 30 year fixed rate. In comparison, you would spend about $48,000 on interest over the life of the 10 year fixed mortgage.
Currently, the interest rate on a 10 year mortgage is about a 1 point lower than a comparable 30 year fixed mortgage.
15 Year Mortgage Rates
With a 15 year mortgage, your monthly payment will be about 1.5 times greater than your monthly payment with a 30 year mortgage. Example; if a 30 Year fixed mortgage payment is $1,000 per month, a 15 Year fixed mortgage payment would be around $1,500 per month. Use the Mortgage Calculator tool to explore how payments are affected by different term lengths.
The total interest payments on a 15 Year fixed interest rate mortgage will be around 2.5 times less than a 30 Year fixed mortgage. Example, if your starting loan amount was $280,000, and your interest rate was 4%, you would spend approximately $200,000 on interest over the life of a 30 year fixed rate. In comparison, you would spend about $80,000 on interest over the life of the 15 year fixed mortgage.
Currently, the interest rate on a 15 year mortgage is about a .75 of a point lower than a comparable 30 year fixed mortgage.
20 Year Mortgage Rates
With a 20 year mortgage, your monthly payment will be about 1.25 times greater than your monthly payment with a 30 year mortgage. Example; if a 30 Year fixed mortgage payment is $1,000 per month, a 20 Year fixed mortgage payment would be around $1,250 per month. Feel free to use the Mortgage Calculator tool.
The total interest payments on a 20 Year fixed interest rate mortgage will be around 1.69 times less than a 30 Year fixed mortgage. Example, if your starting loan amount was $280,000, and your interest rate was 4%, you would spend approximately $200,000 on interest over the life of a 30 year fixed rate. In comparison, you would spend about $119,000 on interest over the life of the 20 year fixed mortgage.
Currently, the interest rate on a 20 year mortgage is about .25 of a point lower than a comparable 30 year fixed mortgage.
30 Year Mortgage Rates
A 30 year mortgage is the maximum allowable term according to the Dodd Frank financial law. You won’t see anymore 40 year terms on mortgages.
The 30 Year Fixed mortgage rate will give borrowers the lowest payment of all the terms available. Because of this, the Year 30 Fixed Rate is the most common mortgage term that borrower desire when they get a mortgage loan. The 30 Year fixed mortgage allow them to purchase more house for the same payment.